The New York Attorney General's Office is actively investigating potential conflicts of interest in the student loan industry. The results of this investigation have been reported in numerous stories in recent weeks in the national media.
On Monday, university officials received a letter from the New York Attorney General requesting information regarding the university's process for selecting preferred lenders and Mr. Walter Cathie, assistant vice president for finance.
The University is voluntarily assisting the New York Attorney General's office in its investigation and has placed Mr. Cathie on administrative leave pending the results of an independent, external review. Upon completion of this review, the university will submit its findings to the New York Attorney General.
The university makes every effort to provide parents and students with financial aid options to help make a Widener education affordable. This year, Widener has provided $27.5 million in financial aid to its students, a 9.5 percent increase over last year.
Widener University strives to follow the highest legal and ethical standards in its student loan practices. This matter will have no impact on the status of current student loans or students' eligibility for financial aid.