Thursday, August 02, 2007

U of L reviewing loan agreement after subpoena

ALBANY, N.Y. --The University of Louisville is reviewing its agreement with a student-loan company after being subpoenaed in a probe into whether college athletic departments steered athletes and and other students to education lenders in exchange for kickbacks.

Spokesman John Drees said the university is reviewing its agreement with United Financial Services and Nelligan Sports Marketing, which manages the rights to the Cardinals' marketing. United Financial is at the center of the inquiry launched by New York Attorney General Andrew Cuomo.

Cuomo issued subpoenas to 39 universities for documents about deals with Student Financial Services Incorporated, which operates as University Financial Services. He's looking into team names, mascots and colors being used to suggest the company is a preferred lender.

This from the Herald-Leader.

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