Cuomo Reaches Settlement With DTC Loan Providers

Abstract: Eight direct-to-consumer (DTC) student loan providers agreed yesterday to abide by a code of conduct developed by New York Attorney General Andrew Cuomo to curb misleading private loan marketing. Seven of the eight lenders also agreed to donate more than $1.4 million to the AG’s estimated $15 million national fund to educate students and families about the financial aid process. Many schools and lenders have questioned what has been done with the settlement money accumulated by Cuomo. Inside Higher Ed reports that the AG’s staff has ignored several requests in recent months to detail that spending.

The full article was originally published in NASFAA’s Today’s News on 9/10/08.