New Regulations for Student Loans

WNYC News | Jul 12, 2010

New York, NY —

New York's colleges and universities will no longer be allowed to steer students towards preferred lenders or receive kickbacks from those lenders for that business.

REPORTER: In Albany, the legislature has passed a bill that outlaws those practices. Responsible for the national attention cast onto the student loan industry, Attorney General Andrew Cuomo praised the Senate and Assembly.

CUOMO: And we can now say if you go to a New York school, you're protected. More so than any other state in the nation.

REPORTER: Governor Spitzer is expected to sign the bill into law. Cuomo's investigation into the student financial aid industry continues - he recently expanded it to include alumni associations.

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