3 top financial aid chiefs suspended

0 Comments | USA TODAY, April, 2007 | by Kathy Chu

Three universities have suspended top financial aid administrators after revelations that they owned stock in "preferred" lenders that are recommended to student borrowers and their parents. The Department of Education is also reviewing an official's stake in a lender the department oversees.

Thursday, the University of Texas and the University of Southern California announced they had placed top financial aid officials on administrative leave pending an investigation into the officials' stock ownership in Student Loan Xpress, a unit of CIT Group. This follows Columbia University's suspension earlier this week of a top financial aid official. The financial aid officials couldn't be reached for comment.

An official with the U.S. Department of Education has also...

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