LAWSUITS NEWS & LEGAL INFORMATION
College Loan Corp.
San Diego, CA: (Jul-23-07) The New York Attorney General's Office brought a lawsuit against College Loan Corp., a San Diego-based lender of student loans, alleging that the firm provided perks to schools that placed the firm on preferred lender lists. According to the office of Andrew Cuomo, the company offered various perks to school financial aid offices and gifts to their personnel so that the company would be selected as a preferred lender. Students taking out loans usually choose their lender from such lists. Among the perks were providing meals, entertainment and travel expenses to school financial aid officials; providing personnel to work for the financial aid offices during busy periods; and providing free printed materials to about 565 financial aid offices.
In a settlement reached, College Loan Corp. agreed to pay $500,000 to a financial literacy fund to end the AG's investigation. The company also agreed to adopt a code of conduct, though it did not admit any wrongdoing. [SAN DIEGO BUSINESS JOURNAL: PREFERRED PERKS]
Published on Jul-24-07
In a settlement reached, College Loan Corp. agreed to pay $500,000 to a financial literacy fund to end the AG's investigation. The company also agreed to adopt a code of conduct, though it did not admit any wrongdoing. [SAN DIEGO BUSINESS JOURNAL: PREFERRED PERKS]
Legal Help
If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please click the link below.Published on Jul-24-07
