New York settles student loan probe
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New York Atty. Gen. Andrew M. Cuomo said he had settled his investigation of a student loan consolidation company that paid fees to colleges and sports departments to help it market directly to students.
Cuomo said Student Financial Services Inc. of Clearwater, Fla., had contracts with 63 colleges, 57 of which are NCAA Division I schools, under which it used the schools’ colors, mascots and team names to peddle loans.
The company agreed to end the lending-related agreements with the schools and five sports marketing companies and end cash-based inducements such as paying students to refer friends.
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