The state has reached agreements with three more lenders in an ongoing probe of the student lending industry, according to state Attorney General Andrew Cuomo's office.
The three lenders -- National City Bank, Regions Financial Corp., and Wachovia Education Finance Inc. -- agreed to abide by a new code of conduct put forth by the attorney general's office. With the addition of the latest lenders, the state has now reached agreements with the six top student loan providers in the country, according to Cuomo's office.
The code of conduct, which this year was codified into law by the state Legislature at the request of Cuomo, is designed to prevent inappropriate financial arrangements between lenders and schools.
Among the provisions of the code of conduct is a ban on financial ties between the schools and lenders, a ban on payments for "preferred lender status," and a ban on gifts and trips to college employees.Labels: academy awards, career training, education online, financial aid, free college, free education, high school, scholarship, student loans, study abroad |
