Trinity College, Fairfield University, and Sacred Heart University

Hartford, CT: (Aug-27-07) Three Connecticut colleges, Trinity College, Fairfield University, and Sacred Heart University, were charged with allegations that they received benefits in exchange for giving preferred lender status to a student loan company. In a bid to resolve allegations, college presidents from 17-schools in Connecticut came together to say there is no loan scandal going on in the state. Attorney General Richard Blumenthal stated that the preferred lender list is of huge practical importance as are the loans to the students that they serve. The statewide inquiry was a bid to ensure that students were not financially harmed. Representatives of all three schools in question claimed that students were not financially harmed in any way.

In a settlement reached, Trinity College, Fairfield University, and Sacred Heart University, also agreed to donate a total of about $75,000 to scholarship funds to settle allegations they received benefits in exchange for giving preferred lender status to the student loan company, The College Board, Inc. The code of conduct signed by state schools will require that schools develop documents listing preferred lenders and how those lenders were selected. The documents will also let parents and students know that they have the right to select a lender of their choice. [WTNH NEWS: LOAN REFERRAL]

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Published on Aug-28-07