One ad for online lender Peachy.co.uk was printed on sandwich wrappers which claimed: "Loans from £50 to £500 … Cheaper than Payday Loans!
At times, prosecutors claim, loan processors crossed a legal line.
The College of Law offers a two-year accelerated law degree for £9,000 a year, on which students can claim loans of £6,000.
Students caught on undercover filming alleged that classmates from the EU were ripping off public money by claiming loans and grants while were living abroad.
That maneuver was improperly used to claim loans taken for business purposes as being used for employee benefits, the lawsuit contends.
An investigation into the wider private college sector by the Department of Business, Innovation and Skills (BIS) is understood to have found that about 3,000 Romanian and Bulgarian students have been claiming loans without proper proof of residence in the UK.
The IRS claimed the loan transaction wasn't a loan at all and instead was a sale.
Eddie and his co-conspirators promised to finance more than 50 commercial loans in return for large down-payments, which they claimed were "loan guarantees" or "deposits", totalling millions of pounds.
Retail Acquisitions claimed the loan was for "professional fees", although more than a third went to members of the consortium.
Osborne claimed that loan sale proceeds would fund the early years of this growth in student numbers, but it is unclear now how the expansion will be bankrolled, with undergraduate recruitment for 2015 to begin in less than two months.
