Category Archives: Columbia University

June 1, 2007, 1:57 pm

Credit Card Nation, Chapter the Third: In Which An Agreement Is Reached

The National Association of Student Financial Aid Administrators (NASFAA) has settled with Andrew Cuomo, the New York State Attorney General, over the financial aid scandal. So has Columbia University, which will pay either $1.1 million (so says the New York Times) or $1.125 million (so says Inside Higher Ed) into a national fund that will “educate student borrowers” about their options in the student loan market. You can read about it here. Part of the agreement with Columbia clearly includes the university being allowed to say that no one did anything wrong, since their lawyers are adamant that the sum they have paid does not constitute a “fine.” Which is technically true, as no one has gone so far as to say that the marketing practices the university collaborated in, and individuals were paid under the table for, were more than unethical. In other words, part of the scam was to…

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