Columbia University

New York, NY: (May-31-07) Congressional and state officials have been examining the $85 billion student loan industry for months, with investigators alleging conflicts of interest and payment by lenders of kickbacks to carry favor with college officials. As part of the series of settlements that schools have been making with New York Attorney General Andrew Cuomo, the Columbia University was the recent entry onto the growing list. An investigation into the school's student loan practices led to the university agreeing to pay $1.1 million into an educational fund and submit to monitoring of its financial aid procedures. New York Attorney General Andrew Cuomo claimed that Columbia University and the financial aid officers' national association also have agreed to abide by New York's code of conduct for lending practices in the future. New York has now struck agreements with at least 25 schools and five student loan companies as part of its investigation. [REUTERS: STUDENT LOAN FRAUD]

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Published on Jun-1-07