Student loans

Washington, DC -- July 9, 2007 -- As college costs have risen sharply over the past several years, higher education has become synonymous with a lifetime of debt for many students, especially those from lower and middle-income families. Some colleges have changed their financial aid policies and communications strategies to minimize or eliminate student loans for low- and moderate-income students.    » read more »

June 20, 2007 -- Washington, DC — Senate Majority Leader Harry Reid of Nevada made the following statement today in response to the HELP Committee’s passage of the Higher Education Access Act of 2007 and the Higher Education Amendments of 2007:

“Democrats continue to deliver on our promises to put working families first, providing more than $17 billion to ensure that more Americans can afford a college education. This bill dramatically expands Pell Grants and reforms the student-loan program by making debts more manageable and expanding loan-forgiveness options.    » read more »

Wachovia, National City Bank, and Regions Financial Corp. Agree to Abide by Code of Conduct; Cuomo Now Has Agreements with the Nation’s Six Largest Lenders

NEW YORK, NY (June 20, 2007) – New York Attorney General Andrew M. Cuomo today announced agreements with three more lenders resulting from his ongoing investigation of the student loan industry: National City Bank, Regions Financial Corporation, and Wachovia Education Finance, Inc. (“Wachovia”), a division of Wachovia Bank.    » read more »

June 20, 2007 -- Jefferson City, Mo. — Eleven Missouri institutions of higher education, both public and private and representing more than 49,000 current students, have agreed to abide by codes of conduct regarding their relationships with the student loan industry, Attorney General Jay Nixon announced today.

Nixon praised the agreements as helping assure that students who borrow money to attend the institutions will have adequate information and protection when choosing a lender. In April, Nixon reached a similar agreement with Washington University in St. Louis.    » read more »

June 20, 2007: (Baton Rouge, La.) -- Louisiana Attorney General Charles C. Foti, Jr., joined by 31 Attorneys General, urged the U.S. Senate to enact The Student Loan Sunshine Act, a new federal law to safeguard students and families nationwide from deceptive practices in the college loan industry. The House of Representatives recently passed this legislation in a virtually unanimous vote of 414-3.    » read more »

Legislation Would Provide Greater Transparency in Student Loan Industry

June 19, 2007 -- Richmond- Virginia Attorney General Bob McDonnell today joined 31 other Attorneys General in calling for the quick Senate passage of the “Student Loan Sunshine Act.” The Act responds to increasing national scrutiny of the student loan industry, which has resulted in allegations of conflicts of interest and deceptive practices involving some institutions of higher learning and several lending institutions active in the student loan industry.    » read more »

32 Attorneys General Form Bipartisan Effort to Enact New Federal Law Without Delay

New York, NY (June 19, 2007) – New York Attorney General Andrew M. Cuomo and Florida Attorney General Bill McCollum, joined by 30 Attorneys General, urged the U.S. Senate to enact The Student Loan Sunshine Act, a new federal law to safeguard students and families nationwide from deceptive practices in the college loan industry. The House of Representatives recently passed this legislation in a virtually unanimous vote of 414-3.    » read more »

June 19, 2007 -- Jefferson City, Mo. — Missouri Attorney General Jay Nixon and 31 other Attorneys General across the country today urged the United States Senate to quickly pass the Student Loan Sunshine Act to safeguard students and families nationwide from deceptive practices in the college loan industry. The U.S. House of Representatives passed the bill recently by an overwhelming 414-3 vote.    » read more »

32 Attorneys General join bipartisan effort to enact new Federal law without delay

June 19, 2007 -- TALLAHASSEE, FL - Florida Attorney General Bill McCollum and New York Attorney General Andrew M. Cuomo joined 30 Attorneys General in urging the U.S. Senate to enact the Student Loan Sunshine Act, a new federal law to safeguard students and families nationwide from deceptive practices in the college loan industry. The House of Representatives recently passed this legislation with a vote of 414-3.    » read more »

Equips Graduating Seniors with New Student Bill of Rights

New York, NY (June 14, 2007) – New York State Attorney General Andrew M. Cuomo today was joined by Westchester County Executive Andrew J. Spano and Superintendent of Schools Dr. Francis Wills at Todd Elementary School as part of his statewide educational initiative alerting students to pitfalls and new protections in the college loan industry.    » read more »

Johns Hopkins to Pay $1.125 million; Agrees to End Deceptive Practices; Abide by the Code of Conduct; Submit to Monitoring and Oversight by New York and Maryland Attorneys General

NEW YORK, NY (June 14, 2007) - New York Attorney General Andrew M. Cuomo today announced a new agreement with Johns Hopkins University that addresses improper transactions between financial aid officials and student loan companies.    » read more »

Joint Letter Part of Expanding Student Loan Industry Investigation

June 07, 2007 -- United States Senate Banking Committee Chairman Chris Dodd and the New York Attorney General Andrew Cuomo have requested the nations top 20 student loan lenders submit details on their underwriting criteria in a joint letter sent today.    » read more »

Calls for Heightened Oversight of Loan Industry by Banking Regulators

NEW YORK, NY – (June 6, 2007) -- New York Attorney General Andrew M. Cuomo today testified before the United States Senate Banking Committee seeking new federal protections to safeguard students and families from deceptive practices in the student loan industry.    » read more »

Columbia University to Pay $1.125 million to National Education Fund; Both Organizations Required to Abide by the Code of Conduct; End Deceptive Practices; Submit to Monitoring and Oversight

NEW YORK, NY (May 31, 2007) – New York Attorney General Andrew M. Cuomo today announced two new and path-breaking agreements in his ongoing national investigation into the student loan industry.    » read more »

May 30, 2007 -- “Today the Student Lending Accountability, Transparency and Enforcement Act of 2007 became law. I would like to commend Assembly Speaker Sheldon Silver and Senate Majority Leader Joseph Bruno for their leadership in getting this bill passed unanimously by both houses of the State Legislature, and helping bring an end to corruption in the student loan industry. Their hard work only reinforces that the New York State Legislature remains a leader in creating progressive, effective, and high impact laws that set the best example for the nation as a whole.”    » read more »