BETHLEHEM, N.Y. -- Just in time for the first day of school, Attorney General Andrew Cuomo visited Bethlehem Central High School to spread the word about a new national law that gives students more protection from college loan fraud.
Cuomo, along with Senator Neil Breslin and Assemblyman Tim Gordon, joined together to inform students of what they're calling the National Student Bill of Rights, a sort of code of conduct for colleges and lenders.
Attorney General Andrew Cuomo and other officials visited Bethlehem Central High School to spread the word about a new national law that gives students more protection from college loan fraud.
Last year the attorney general's investigation into the student loan industry revealed a widespread problem of colleges recommending certain lenders and then receiving kickbacks for those recommendations. That investigation inspired a state law, which in turn led to national legislation which became effective Tuesday.
Cuomo said, "This loan is one of the largest things you may be buying in your life. Before you buy it, know what you're buying."
Breslin said, "I don't think anybody dreamed of the extent of these kickbacks between and among the universities and the lending institutions. When that happened, it increases the interest rate to the student so the one who ultimately pays for it is the student."
The attorney general also introduced students to his website which explains the law and students' rights, and provides more information about the college loan process.