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Cuomo Announces First Legal Action Against A School In Student Loan Investigation
Today Attorney General Andrew M. Cuomo announced the first legal action against a school in his nationwide student loan investigation. Cuomo announced a notice of intent to sue Drexel University in Pennsylvania over its revenue sharing agreements with Education Finance Partners. This week, Education Finance Partners (EFP) agreed to Cuomo’s College Loan Code of Conduct and would end revenue sharing agreements. Cuomo also announced settlement agreements with three more schools: Salve Regina in Rhode Island, Pace University and the New York Institute of Technology. Salve Regina and Molloy College both had revenue sharing agreements with Education Finance Partners.
Previously, Fordham University, St. John’s University, and Long Island University all agreed to cease their revenue sharing agreements with EFP and reimburse students on a pro rata basis for the money received through those agreements.
Drexel received over $124,000 from its revenue sharing agreements with EFP and accrued $126,000 more through March 2007 that has not been paid. Under Drexel’s agreement with EFP, dated April 1, 2006, Drexel agreed to make EFP its “sole preferred private loan provider.” In return, Drexel was to receive 75 basis points (.75 percent) of the net value of referred loans between $1 and $24,999,999; and 100 basis point (1 percent) of all loan amounts of $25,000,000 or greater. Drexel had an earlier revenue sharing agreement with EFP that began in May of 2005 under which Drexel received 75 basis points (75%) of all referred loans. EFP was a non-exclusive preferred lender under the earlier contract. Since 2005, Drexel University has sent over $16 million in loan volume to EFP. Read more at oag.state.ny.us.
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