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Nelnet agrees to $2 mln settlement with New York

Tue Jul 31, 2007 12:01pm EDT

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NEW YORK, July 31 (Reuters) - New York Attorney General Andrew Cuomo on Tuesday said Nelnet Inc. (NNI.N), a finance company that consolidates student loans, agreed to pay $2 million as part of a settlement.

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Cuomo, who has been investigating unlawful practices in the $85 billion a year student loan business, had accused Nelnet of making payments to alumni groups in exchange for getting loan referrals. As part of the settlement, Nelnet agreed to stop making these payments.

Nelnet previously agreed to pay $1 million to settle an investigation by Nebraska's attorney general.

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