First of all, they want you to know this: “We didn’t do anything wrong.”
Syracuse University, five other private universities, and Citibank have promised to reimburse students for commissions the schools collected, on student loans steered to the bank.
SU’s share of the payback is $164,000. That’s said to be the total of Citibank’s rewards to the school over a three year period: one-half of one percent, of the money students borrowed from the bank while SU promoted it as a “preferred lender.”
Under an agreement with the State Attorney General’s office, the money will go back to the borrowers- details of that are still being worked out.
SU tells the Syracuse Post Standard it used the cash to help run its financial aid office- including the printing of brochures that, presumably, promoted the Citibank deal.
Still, the University and everybody involved would like you to know, “We didn’t do anything wrong.”