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In November, Mr. Cuomo began his investigation. And on March 22, 2007, Mr. Cuomo took the first legal step when he announced his intent to sue Education Finance Partners, a student-loan company that, according to Mr. Cuomo, "aggressively offered schools cash kickbacks in exchange for business."
Tamera Briones, Chief Executive of EFP, believes otherwise. "We question whether the attorney general's office is seriously interested in learning all of the facts and whether there has been an actual violation of law."
Mr. Cuomo furthered his investigation by sending out letters to 400 leaders of colleges and universities in California, Pennsylvania, Massachusetts, New York, Michigan, New Jersey, South Carolina, Texas, and other states. According to an article on http://chronicle.com, "the attorney general says he has found instances in which colleges have received referral fees and a percentage of revenue for recommending particular loans to student borrowers; steered students to 'preferred' lenders that may not offer the best terms and conditions; solicited money or other benefits from lenders in exchange for inclusion on their preferred-lender lists; and delayed the certification of loans from lenders not on their lists."
Because of Mr. Cuomo's letter, three colleges have already committed to changing their dealings with lenders.
However, Dallas Martin, President of the National Association of Student Financial Aid Administrators, said, "I know my members. They play by the rules. They are ethical. They don't cut corners. They don't take bribes."
"The U.S. Department of Education has drafted a package of proposed regulatory changes that, among other things, would require colleges to recommend at least three lenders to students who are seeking federal loans," says an article on http://chronicle.com. "The proposed regulations, which will be taken up next week by a committee charged with crafting changes in the federal student-loan program, also would require colleges to disclose the 'method and criteria' they use to pick loan providers, and to provide borrowers with information on interest rates and benefits offered by preferred lenders."
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