UT Financial Aid Director In Hot Water

Authorities at the University of Texas have launched an investigation into alleged illegal dealings that UT associate vice president and financial aid director Lawrence W. Burt may have had with education finance provider Student Loan Xpress Inc.

According to the office of New York Attorney General Andrew Cuomo, Burt was issued stock from Student Loan Xpress, a glaring conflict of interest given the company's status as one of UT's "preferred lenders."

"It is important that the university ensure the integrity of its financial aid program and maintain unimpeachable practices on behalf of students and their families," wrote UT president William C Powers Jr in an email to university members yesterday.

Burt has been placed on paid administrative leave while the investigation committee, helmed by Vice Chancellor and General Counsel Barry D. Burgdorf, conducts its inquiries.