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.
