August 10, 2007
Lender Agrees to End Alumni Deals
Nelnet, the nation's second-largest student-loan consolidator, has agreed to stop paying alumni associations to recommend its consolidation loans, says New York's attorney general, Andrew M. Cuomo.
Under the terms of a settlement with Mr. Cuomo, which was announced last week, Nelnet will cancel its "affinity" agreements with 120 alumni associations and pay $2-million into a consumer-education fund established by Mr. Cuomo. Nelnet previously agreed to pay $1-million as part of a
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