The list of 55 institutions was compiled by the Department of Education after initially asking more than 900 colleges and universities to provide information on their lending practices.
In another effort to promote accountability on student loans, department officials said they are holding monthly meetings with the Federal Trade Commission on student loan complaints from consumers. The meetings are part of the department’s loan oversight and monitoring efforts.
After focusing on preferred lender lists, Cuomo recently said his office will broaden its investigation to include misleading or aggressive tactics used by loan companies who market to students and parents.
“Reforming the student loan industry requires investigation of all aspects of this market to ensure that one reform, like cleaning up preferred lender lists, is more than just a thumb in the dike causing the bad practices to shift to another area of the market,” he said.
--Charles Dervarics
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