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New York Lawmakers Toughen Student Loan Rules |
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May 8, 2007
Attorney General Andrew M. Cuomo says passage of the bill -- called The the Student Lending Accountability, Transparency and Enforcement (SLATE) Act of 2007 -- makes New York’s legislature the leader in offering a solution to the student-loan scandal that has affected millions. Cuomo says the new law addresses problems exposed as a result of an ongoing investigation into the widespread conflicts of interest throughout the $85 billion-per-year student loan industry. The measure codifies Cuomo’s College Loan Code of Conduct, which is the basis for case settlements with the lenders and schools across the country. Congressional leaders have endorsed the SLATE legislation as a national model and dozens of schools and lenders have already adopted the Code of Conduct. “While my investigation into the $85 billion-a-year college loan industry expands, I applaud the Legislature for committing to ensure that New York’s college bound students are protected as they finance their education,” Cuomo said. “New Yorkers will have the confidence in knowing that state law will be on their side when dealing with the college loan industry. The passage of this landmark legislation underscores New York government’s legacy of putting forth progressive, effective legislation and leading the nation by example.” The Student Lending, Accountability, Transparency and Enforcement Act: Prohibits lenders from making gifts – including the practice of revenue sharing – to colleges and universities or their employees in exchange for any advantage in loan activities
Furthermore, the law dictates strict criteria that schools continuing to use “preferred lender” practices must abide by. Report Your Experience
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