Results of The Investigation
As a result of the corrupt practices revealed within the student lending industry, over $3 million was refunded to students and an additional $13.7 million was allocated to the National Education Fund. This fund was established by the New York Attorney General to help educate students on navigating the lending industry. New York Attorney General Andrew Cuomo also created a student lending Code of Conduct. This eventually became New York State law as the Student Lending Accountability, Transparency, and Enforcement (SLATE) Act of 2007. The SLATE Act contains guidelines and prohibitions regarding revenue sharing, gifts and trips, advisory board compensation, preferred lender lists, loan resale disclosures, and call center operations. On the federal level, the Student Loan Sunshine Act was passed in May 2007 which included provisions banning gifts, perks, and revenue-sharing agreements between lenders and schools. Additionally, it requires institutions to disclose all relationships with lenders and ensure that students have access to all lenders of their choice, including those not on the "Preferred Lender Lists.”
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