Student Loan Blog

Voting in support of the creation of a new federal Consumer Financial Protection Agency, a Congressional panel has laid the groundwork for expanded federal oversight of private student loans. In a vote last Thursday of 39 to 29 that fell largely along party lines, the House Financial Services Committee approved the Consumer Financial ...

MyRichUncle, the student loan company that “caustically ridiculed the financial ties between colleges and student loan companies” has filed for Chapter 7 bankruptcy, The Chronicle of Higher Education reports (“Student-Loan Industry’s Caustic Rebel Now Cries Uncle,” Feb. 9, 2009). Unable to secure funding to issue new student loans and unable ...

The College Board, which administers the SAT, ACT, and AP college admissions tests, has agreed to resolve an investigation by New York Attorney General Andrew Cuomo and Connecticut Attorney General Richard Blumenthal into its student loan practices. As part of the settlement agreement, the College Board — which exited the student loan ...

New York Attorney General Andrew Cuomo is investigating the relationships between colleges and the health insurance companies they do business with just two years after he launched a similar investigation that uncovered conflicts of interest between some colleges and student loan companies, The New York Times reports (“Cuomo Investigating ...

Alexandria, Virginia-based Goal Financial is the most recent student loan company to reach a settlement with the New York Attorney General’s office, whose investigation into the student loan industry revealed that several lenders used deceptive marketing practices to lure borrowers, The New York Times reports (“Another Student Loan Company ...

New York Attorney General Andrew Cuomo plans to sue student loan provider Goal Financial, LLC for using deceptive marketing practices to attract new business, according to a CNNMoney.com article (“Student Lenders Under Scrutiny,” Sept. 5, 2008). Eight other lenders being investigated for misleading borrowers are currently negotiating ...

During testimony before the House Subcommittee on Financial Institutions and Consumer Credit, Benjamin Lawsky, deputy counselor to New York Attorney General Andrew Cuomo, said predatory credit-card companies are taking advantage of college students (The Chronicle of Higher Education, “Cuomo Hopes to Have Investigation of Colleges’ Credit-Card ...

The results of New York Attorney General Andrew Cuomo’s investigation into the relationship between colleges with co-branded credit cards and the banks that issue them are expected to be released within the next two months. Benjamin Lawsky, Cuomo’s deputy counsel, made the announcement about the soon-to-be public results during an education ...

How much college students are required to pay for their study-abroad programs could hang in the balance of a recent lawsuit brought by a father against his daughter’s school. The suit, reported by Karin Fischer in The Chronicle of Higher Education, challenges Wheaton College’s policy of charging its overseas students regular tuition even if ...

Recently, there has been lots of negative press out there regarding college financial aid officers receiving special treatment, trips or the like from student loan providers, and New York’s Attorney General Andrew Cuomo is going after such companies and individuals.   So, it is refreshing that there is some positive press to report, ...