Another one bites the dust

Yesterday, New York State Attorney General Andrew Cuomo reached a $675,000 settlement with the College Board.

The national association, most known for  for writing and administering the SATs as well as providing college and university profiles, was targeted by Cuomo for giving discounts to institutions that put the non profit on their preferred lender lists, the associated press reported, which essentially led students to loans that weren’t necessarily their “best or least expensive options.”

The $675,000 settlement, which includes New York and Connecticut,  will be used for programs that help students find the lowest-cost loan options.

The loan business was less than 1 percent of the College Board’s $618 million revenue in 2007, Bloomberg news reported.