Education Finance Partners

New York, NY: (Apr-16-07) Threatened with protracted litigation, Education Finance Partners, a student loan company, decided to settle claims filed by New York attorney general Andrew Cuomo's office, accusing it of paying colleges to steer students to them for loans. In a settlement agreement reached, Education Finance Partners agreed to pay $2.5 million to resolve the investigation of its business practices. The San Francisco company is the third lender to reach such a deal with the Attorney General's office, being smaller than Sallie Mae and Citibank, which have reached $2 million settlements with the attorney general's office, Mr. Cuomo has been particularly harsh in his criticism of its practices and had threatened to take the company to court. [NEW YORK TIMES: STUDENT LOAN]

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Published on Apr-19-07