Student Loan Company to Pay $2.5 Million

A third lender accused of paying colleges for student loan referrals has agreed to a settlement, the New York Times reports.

Education Finance Partners will pay $2.5 million to resolve an investigation by New York Attorney General Andrew Cuomo, according to the newspaper. The company also will agree to new conduct rules that bar paying colleges a percentage of private loans made to students.

An announcement detailing the agreement is expected today.