We will continue to review the school loan lending practices of all the schools in Illinois
ChicagoAttorney General Lisa Madigan announced that she and the New York Attorney General’s Office have reached settlements with Illinois-based DeVry University and Career Education Corporation concerning student loan practices involving the schools and lenders. The settlements require the schools to adopt a College Code of Conduct and to return the money paid by lenders to schools.
Illinois students are entitled to full disclosure of the criteria used to place lenders on the schools’ preferred lender lists and should have access to all of the information necessary to ensure that they are able to choose the loan that is best for them, said Madigan. We acknowledge DeVry University and Career Education Corporation for promptly adopting the College Code of Conduct.
DeVry University and Career Education Corporation agreed to adopt the College Code of Conduct which outlines requirements for the lender-school relationship.
On all preferred lender lists the College must clearly disclose the criteria and process used to select preferred lenders. Students must also be told that they have the right to select the lender of their choice regardless of the preferred lender list.
College preferred lender lists must be based solely on the best interests of the students or parents who may use the list without regard to financial interests of the College
Colleges are prohibited from receiving anything of value from any lending institution in exchange for any advantage sought by the lending institution. Read more