Columbia University Settles With NY Attorney General

The New York Times is reporting that Columbia University will pay $1.1 million into a fund to educate students about loans, and will have its student loan office monitored by the state of New York for 5 years under the terms of a settlement that NY Attorney General Andrew Cuomo announced yesterday.

In related news, the financial aid director of USC Catherine C. Thomas, has announced her retirement today. USC said in a statement, “that Ms. Thomas’ actions were “inconsistent with USC’s conflict of interest policy” and that it was continuing to investigate.”

The financial aid directors are still dropping like flies… —MEGHANN MARCO

Columbia Settles Student Loan Case [NYT via Gothamist]
(Photo:James Estrim/ NYT)

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  1. mattbrown says:

    Dallas Martin: “Good work my Comrade!”
    Andrew M. Cuomo: “ewww…”

  2. kc-guy says:

    That is the most wonderful picture I have ever seen.
    Somebody nominate it for then next Wiki Pic-of the-day.

  3. stanse919 says:

    Kudos to those responsible for bringing to light the corruption in lending practices regarding student loans. I can attest that this practice has been going on for many years and schools receiving kickbacks from lending institutions is just the tip of the iceberg. I personally became ensnared in a web of deceit woven by Bank One, one of Purdue University’s preferred lenders, in the early 90s that led my student loans into default and ruined me financially (possibly one reason that default rates on student loans escalated during that time period). Hopefully, investigations into student loan fraud will continue and encompass the personal level of fraud by lending institutions affecting individual students.

  4. kewpiedoll99 says:

    i went to columbia’s post-bacc pre-med program, and although the courses were first-rate, the financial aid office was a NIGHT. MARE. when i was going to apply to med schools they claimed i owed money and wouldn’t release my transcripts to the schools. eventually i had to write a letter to the university president to get it all straightened out. i hope it’s better now, but somehow i doubt it is yet.