Ministry of Education Clears $ 415 Million Student Loan Debt with Borrower Defense Claim

Student loan borrowing has been a continuous conversation for decades, with nearly 16,000 ex-students a little relief U.S. Department of Education at the request of the borrower’s defense announcement on Wednesday..

According to the website, ex-students will wipe out their $ 415 million student loan debt. “Approximately 16,000 borrowers will receive $ 415 million in borrower defense for repayment exemptions, following approval of four new findings and ongoing review of claims.”

This includes 1,800 former DeVry University students who receive “about $ 71.7 million in full of the borrower’s defense.” It was determined that the university provided extensive and misleading information about employment rates.

In addition, there is a “$ 343.7 million borrower defense exemption for approximately 14,000 borrowers.” “Recent findings on the Nursing Program at Westwood University and the ITT Institute of Technology, and the Criminal Justice Program at Minnesota Business School / Globe University, and $ 284.5 million for more than 11,900 students attending institutions such as Corinthian. Was decided to leave the hospital. The university and Marinello Beauty School have their applications reviewed after the previous announcement of relief. “

Currently, 107,000 borrowers are said to have liquidated a total of $ 2 billion in student loan debt.

“If evidence shows that the university violates laws and standards, the department continues to work on giving the borrower a severance,” said US Secretary of Education Miguel Cardona. “Students expect their college to be true. Unfortunately, today’s findings show that there are too many misunderstandings about loans at institutions and programs that fail to fulfill what students promise. I read the statement.

From 2008 to 2015, DeVry claimed that the employment rate for students actively seeking employment in their field of study was 90%, but according to the department, it was actually 58%. The national campaign was called “We are majoring in careers” and led to the branding of DeVry as a “career placement university”.

“In fact, the actual employment rate for educational institutions was about 58 percent. The ministry said that more than half of the jobs included in the alleged 90 percent employment rate were before graduating from DeVry and often enrolling. I found that they were done by the students who got them before they did. These jobs were not due to DeVry education and including them was contrary to the plain language of 90 percent claim. In addition, DeVry has excluded from the calculation a large number of graduates who are actually actively looking for a job simply because they did not search the way the university’s career services department preferred. “

FTC reached a settlement with DeVry of approximately $ 100 million in 2016 on a similar allegation.

Ministry of Education Clears $ 415 Million Student Loan Debt with Borrower Defense Claim

Source link Ministry of Education Clears $ 415 Million Student Loan Debt with Borrower Defense Claim

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