Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Problem is -- who must pay for the huge loans these fools took out?
Why should some harder working more intelligent person who didn't take out a loan have to pay for the loans of those who didn't want to work their way through college or thought they were superior to those who learned trades?
Who has to pay?
It should be the "for profit colleges/universities" that are nothing more than a scam to obtain $$$$ in the form of federal student loans.
Quote:
The Department of Justice and four states on Monday filed a multibillion-dollar fraud suit against the Education Management Corporation, the nation’s second-largest for-profit college company, charging that it was not eligible for the $11 billion in state and federal financial aid it had received from July 2003 through June 2011.
Quote:
While the civil lawsuit is one of many raising similar charges against the expanding for-profit college industry, the case is the first in which the government intervened to back whistle-blowers’ claims that a company consistently violated federal law by paying recruiters based on how many students it enrolled.
America is doomed because of the lack of principle embraced by people that share your ideals.
I guess a 'lack of principles' is all that's trickling down these days, because it sure isn't money that's trickling down (of course, it never did...just a RW fantasy to keep the downtrodden down).
What's the matter? Don't you like the common man behaving like the wealthy elite?
The colleges are NOT going to pay. They received the money from the loans which means they received the money from the Fed Gov.
WE have that debt now..the US taxpayer.
The for-profit colleges/universities may indeed have to pay for scamming the US out of federal student loan money!
Probe finds fraud, deception at for-profit colleges
Quote:
A government inquiry of 15 for-profit colleges found four cases in which campus officials encouraged applicants to commit fraud and examples at every school of officials lying about or misrepresenting their programs.
The Education Department recently proposed rules to tighten regulation of for-profit colleges, which last year received more than $24 billion in federal loans and grants.
Examples:
•An applicant to a certificate program in California was encouraged to add more dependents in the Free Application for Federal Student Aid, or FAFSA, in order to qualify for Pell Grants.
•College representatives in Florida, Pennsylvania and Texas suggested undercover applicants not report $250,000 in savings on the FAFSA.
• One investigator received more than 180 phone calls in a month after registering on a website that links students to for-profit colleges.
•A representative at a college in Florida told an applicant that the school was accredited by the same organization that accredits Harvard and the University of Florida, which was not true.
•Representatives from 13 colleges provided inaccurate or incomplete information about graduation rates, guaranteed applicants jobs upon graduation or exaggerated likely earnings.
•Fourteen colleges had programs that cost more than comparable offerings at the nearest public college.
•Six colleges told applicants they could not get information on aid eligibility until they completed enrollment forms agreeing to become a student and paid a small application fee.
I get it just fine. You used an example of a for-profit university to try to make it look like the individual was led down some path that she had no option of terminating.
For-profit universities suck, but the bottom line is that the (ignorant) students are the reason those places prosper.
For profit colleges/universities are the source for the majority of defaulted student loans. See my previous posts to see why.
The colleges aren't taken advantage of student loans.
It's the government taking advantage of the students by handing them fistful of dollars.
Anyone can get a student loan today..anyone; it's the amount that differs based on your finances.
The government thought everyone should own a home..we saw what happened.
The government thinks everyone should go to college..see where we're headed now.
Actually for profit colleges/universities are taking advantage of federally funded student loans. It is part of a fraudulent scam they have going. There main objective is to take money, not educate.
Quote:
For-profit colleges often target low-income students because they qualify for large federal loans. But students who enroll are less likely to graduate with a meaningful credential and eight times more likely to default on the loan.
"For-profit schools are businesses that are designed with the bottom line of making shareholders money," explained Rich Williams, the higher education advocate with the U.S. Public Interest Research Group.
"Where tuition at a community college is based on how much it costs to educate a student, tuition at a for-profit college is based on how much money a student can get from the federal loans."
I have student loan debt, and it would of course be nice not to have it, but I can't look at my children and support a plan to make them pay it for me.
We keep finding more ways to add debt all desinged at make life better. We're at about $15 trillion, at what level are we "finished?" At $20 trillion does the sky fill with rainbows?
The for-profit colleges/universities may indeed have to pay for scamming the US out of federal student loan money!
Probe finds fraud, deception at for-profit colleges
Examples:
•An applicant to a certificate program in California was encouraged to add more dependents in the Free Application for Federal Student Aid, or FAFSA, in order to qualify for Pell Grants.
•College representatives in Florida, Pennsylvania and Texas suggested undercover applicants not report $250,000 in savings on the FAFSA.
• One investigator received more than 180 phone calls in a month after registering on a website that links students to for-profit colleges.
•A representative at a college in Florida told an applicant that the school was accredited by the same organization that accredits Harvard and the University of Florida, which was not true.
•Representatives from 13 colleges provided inaccurate or incomplete information about graduation rates, guaranteed applicants jobs upon graduation or exaggerated likely earnings.
•Fourteen colleges had programs that cost more than comparable offerings at the nearest public college.
•Six colleges told applicants they could not get information on aid eligibility until they completed enrollment forms agreeing to become a student and paid a small application fee.
The loan default rate will be monitored and hopefully put an end to the fraudulent scams that "for-profit' universities/colleges have going.
Loan-Default Rate at For-Profit Colleges Would Double Under New Formula
Quote:
Data released by the Department of Education today show that while the official loan-default rate for students of for-profit colleges who entered repayment in 2008 was 11.6 percent, the rate would be more than double that, or 25 percent, under a stricter measurement standard that begins to take effect next year.
Under the new standard, colleges will have to track borrowers for three years once they begin repaying their student loans, instead of the two-year window that's in place now.
Colleges whose default rates are too high over several years can lose eligibility to participate in the federal student-aid programs.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
