Student lender to adopt new code of conduct

Student Financial Services of Clearwater, Florida, a student lender that paid students for referring other students for loans and paid universities to use their information, has come under investigation for marketing tactics by FL attorney general Andrew M. Cuomo, reports The New York Times.

Student Financial Services of Clearwater, Florida, a student lender that paid students for referring other students for loans and paid universities to use their information, has come under investigation for marketing tactics by FL attorney general Andrew M. Cuomo, reports The New York Times. “The universities sell ‘the identification with a team or a logo or a mascot,' Mr. Cuomo said Tuesday at a news conference in New York. ‘The school mascot becomes a wolf in sheep's clothing.'”

The lender must adopt the attorney general's new code of conduct on direct marketing, a change that, according to The St. Petersburg Times, bars it from "co-branding" student loans with school names and insignias. The lender also agreed to end lending-related agreements with five sports marketing firms, launch a print ad campaign on student lending practices at all 63 schools [where it operates], and disclose all loan terms in future student deals.

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