National Association of Financial Aid Administrators Speaks

Official statement on Andrew Cuomo's investigation:

New York Attorney General Andrew Cuomo claims that he is “beginning the process of restoring trust between universities and students.” But he needlessly tore the fabric of trust between schools and students in the first place with his inflammatory press statements and media comments. Financial aid administrators have built trust with students and parents for generations by offering well-informed, accurate, and unbiased information
NASFAA agrees that any preferred lender list abuses and genuine conflicts of interest should end, however such abuses are rare. NASFAA is confident that when the New York Attorney General’s office completes its investigation it will find only a very few problems; nearly every aid administrator and school is extremely ethical. Undoubtedly, some areas need improvement because we can always do better. It would serve the public interest to have greater transparency in how and why a school uses a lender list. Student aid administrators only want to serve their students’ best interests.

"nearly every aid administrator and school is extremely ethical." Quite an endorsement! But I agree that personal ethics are no substitute for transparency & accountability.