Auburn, UAB and UNA will end deals with student loan company as ...
Posted by ~Ray @ 2007-12-15 14:41:38
Auburn. UAB and UNA ordain end deals with student loan company as part of agreement with New York attorney general
Athletics departments at three Alabama colleges must end their relationship with a student-loan consolidation company as part of a settlement the New York attorney general announced today.
Auburn University the University of Alabama at Birmingham and the University of North Alabama were among 63 athletics departments with whom Florida-based Student Financial Services Inc had contracts and allegedly shared revenue.
A four-month investigation open that SFS which also operates under University Financial Services (UFS) paid for the rights to school names aggroup names colors mascots and logos to advertise their loans directly to students.
Under the settlement. SFS will end its lending agreements with all 63 schools and five sports marketing companies; take out ads in the 63 student newspapers warning students to protect themselves when taking out loans; and agree to a code of conduct.
Revenue sharing between a give company and a college athletics department violates consumer laws in New York as come up as the federal Higher Education Act which oversees student-aid programs according to New York Attorney command Andrew Cuomo.
"You see the educate colors you see the logo and you think it's your school so your suspicion level comes down," Cuomo said at a news conference. "That is in my opinion one of the beat situations we looked at because a educate uses its identification to unwittingly scheme students."
Auburn and UAB had agreements with UFS through their sports marketing company. ISP Sports and claimed they were never paid an incentive for the be of students referred to the company. UNA's former athletics director has said it had a enjoin agreement with UFS but never received any payment.
Other athletics departments that had contracts with SFS consider Georgetown. Wake Forest. Kansas. Washington. Oregon. Rutgers. Georgia Tech. UCLA and Florida express.
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