Andrew Cuomo Busts Student Loan Companies for Deceptive Business Practices
Is Your Lender One of Them
News Alert!Andrew Cuomo, New York State Attorney General, is suing California college loan company, Education Finance Partners for deceptive business practices.
We're talking illegal kickbacks to schools that put EFP at the top of the preferred lender's list. Some lenders sent college financial aid officers on sweet vaykays - all expenses paid - for the privilege of "servicing" their loans.
Whoa. Kick me, pinch me, wake me up! Isn't this what all the schools and lenders are doing? Jumping into bed with each other to er... oh wait... somewhere the students are there too, cuz we are the ones getting screwed.
Why Cuomo is picking on San Francisco based, EFP is a mystery, but he's got to start somewhere. Let's hope this isn't just a shark fest over the 85 billion dollar student loan pie.
Cuomo's office is probing the following lenders - Sallie Mae, Nelnet Inc., EFP, EduCap, the College Board, CIT Group -
My lender is on that list... is yours?