<p>Columbia University fires financial aid director
POSTED: 9:28 p.m. EDT, May 22, 2007
Story Highlights
Columbia spokesman: Charlow violated university policy on conflicts of interest
N.Y. attorney general probing abuses in $85 billion U.S. student loan industry
Charlow is the latest aid official to step down amid the investigation </p>
<p>NEW YORK (Reuters) -- Columbia University said Tuesday it has dismissed its director of financial aid after released documents showed he promoted a student loan company in which he had a financial stake.</p>
<p>The aid official, David Charlow, was fired amid an investigation by New York Attorney General Andrew Cuomo, who is probing abuses in the $85 billion U.S. student loan industry.</p>
<p>Columbia said in a statement that it promptly brought information received about Charlow's relationship with former preferred lender Student Loan Xpress Inc. to Cuomo's attention last month....</p>
<p>Columbia spokesman Robert Hornsby said that "Charlow, a long-term and well regarded employee, abused a position of trust and violated the university policy on conflicts of interest."</p>
<p>New York-based Columbia placed Charlow on leave in April after regulatory filings showed he sold shares in Education Lending Group, the former parent of Student Loan Xpress, for a gain of more than $100,000. Student Loan Xpress is now a unit of CIT Group Inc.</p>