Probe prompts passage of Student Bill of RightsPosted: Updated:
State Attorney General Andrew Cuomo met with graduating seniors in Briarcliff Manor Thursday to outline the state's new Student Bill of Rights.
Earlier this year, an investigation by Cuomo found the relationship between some banks and college loan officers was a little too close for comfort. ?The college loan officer had a vested interest in recommending a certain loan,? Cuomo said. ?Some college loan officers actually owned stock in the bank that they were recommending.?
Based on that investigation, the state Legislature quickly passed a law designed to make the college loan process more transparent. So far, the new rules only apply to banks and colleges in New York. However, several other states and Congress are working on similar legislation.
Briarcliff Manor seniors attending college out of state said the recommendations in the Student Bill of Rights will help them when shopping for a loan.
Related Information Student Bill of Rights