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LAWSUITS NEWS & LEGAL INFORMATION

SLM Corp.

New York, NY: (Apr-11-07) The New York attorney general's office began an investigation into the business practices and financial arrangements between a number of lenders and financial aid officials at schools. The probe found that loan companies offered payments and perks to college officials to gain a place on their preferred lender lists, these arrangements, not properly disclosed to students, resulted in students losing out on the most competitive terms possible. In a settlement with the AG's Office, SLM Corp., better known as Sallie Mae, agreed to pay $2 million to settle an investigation into financial arrangements it was accused of making with US colleges and universities as well as reconstitute some of its business practices. The $2 million will be paid into a fund to help educate college-bound students. [CNN MONEY: STUDENT LOANS]


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Published on Apr-18-07


READER COMMENTS

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I attended a school that was non-accredited of course they told me that they were,but when I went to transfer credits non of the credits would transfer because the school was not accredited, this school(Sanford Brown) gave all their students loans thru SM, even my cousin who has no income and has five children, the school told her that she didn't qualify for grants, so SM covered her schooling. I feel that SM knew this and fraudently gave loans to students who attended this non accredited school, now after attending school for 18 mos for Medical Billing and Coding in order to attend this other university I have to take all of my classes over again. I am being penalized by SM because I told them that the loan should be forgiven and they are tacking on enormous late and finance charges. Please advise.

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