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ERIC Number: EJ766033
Record Type: Journal
Publication Date: 2007-Apr-20
Pages: 1
Abstractor: ERIC
Reference Count: N/A
ISSN: ISSN-0009-5982
Student-Loan Investigation Sweeps Up More Colleges
Basken, Paul; Field, Kelly
Chronicle of Higher Education, v53 n33 pA1 Apr 2007
An expanding investigation into conflicts of interest in the student-loan industry continued to sweep up more lenders and college financial-aid administrators last week. The nation's largest student-loan provider, Sallie Mae, accepted a $2-million settlement with New York State's attorney general, Andrew M. Cuomo, and three more college officials were put on administrative leave for questionable ties to lenders, while dozens of their colleagues at institutions across the country came under scrutiny for their roles on loan-company advisory boards. U.S. Representative George Miller, chairman of the House education committee and a California Democrat, announced plans to hold a committee hearing on April 25 at which Cuomo will testify about his investigation that certain bank-college relationships may be defrauding students from New York State. That investigation, along with the threat of Congressional action under Democratic control on Capitol Hill, has already prompted several banks that make student loans to reconsider their use of advisory boards, in which directors and other officials from college student-aid offices meet with the banks to discuss ways of working more cooperatively.
Chronicle of Higher Education. 1255 23rd Street NW Suite 700, Washington, DC 20037. Tel: 800-728-2803; e-mail:; Web site:
Publication Type: Journal Articles; Reports - Descriptive
Education Level: Higher Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Identifiers - Location: New York