For-Profit Globe U. Said to Make Unlicensed Loans

Minnesota Attorney General Lori Swanson has charged in legal filings that for-profit Globe University has violated state law by making unlicensed loans with "usurious interest rates” as high as 18 percent, The Star Tribune reported. Swanson asked that the loans to nearly 6,000 students be invalidated, so the students would not have to repay them and should be reimbursed for payments they have made. The filing said that the university wasn't registered to make the loans and the interest rates far exceeded what state law permits. University officials disputed the attorney general's statements, and accused her of trying to advance a political agenda.