SLM Corp.

New York, NY: (Apr-11-07) The New York attorney general's office began an investigation into the business practices and financial arrangements between a number of lenders and financial aid officials at schools. The probe found that loan companies offered payments and perks to college officials to gain a place on their preferred lender lists, these arrangements, not properly disclosed to students, resulted in students losing out on the most competitive terms possible. In a settlement with the AG's Office, SLM Corp., better known as Sallie Mae, agreed to pay $2 million to settle an investigation into financial arrangements it was accused of making with US colleges and universities as well as reconstitute some of its business practices. The $2 million will be paid into a fund to help educate college-bound students. [CNN MONEY: STUDENT LOANS]

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Published on Apr-18-07