SLM to pay $2mn fine for improper practices

04/12/07 - newratings.com

NEW YORK, April 12 (newratings.com) – SLM Corp (SLM) Wednesday agreed to pay $2 million fine as part of a settlement with New York's Attorney General, Andrew Cuomo.

SLM Corp, otherwise known as Sallie Mae, also agreed to end some practices that Cuomo said were deceptive and unlawful. Cuomo said that the investigation into the $85 billion student loan industry would be expanded to other companies and educational institutions as well. The money from the fine will be used to educate students and their parents about loans.