AUSTIN, Texas—Lawrence W. Burt, associate vice president and director of student financial aid at The University of Texas at Austin, today (April 5) was placed on paid administrative leave pending the completion of an investigation into allegations of conflict of interest.
This action results from allegations made yesterday (April 4) in a letter sent to William Powers Jr., president of The University of Texas at Austin, by the office of Andrew M. Cuomo, attorney general of the state of New York. The attorney general alleged that Burt received stock from Student Loan Xpress Inc., a company that is included on the university’s preferred lender list.
"It is important that the university confirm and ensure the integrity of its financial aid program," Powers said, "and maintain unimpeachable practices on behalf of students and their families."
Powers asked James R. Huffines, chairman of the University of Texas System Board of Regents, and Mark G. Yudof, chancellor of the University of Texas System, to authorize the Office of the General Counsel of the University of Texas System to conduct an investigation in collaboration with the university. The investigation will be led by Vice Chancellor and General Counsel Barry D. Burgdorf of the University of Texas System.
