More than 1,500 former students at two shuttered schools will get a fresh start on their finances after the U.S. Department of Education said it will void their student loans.
“By canceling these students’ loans and restoring their Pell eligibility, as well as extending the closed school discharge period, we hope that these impacted students will now have the tools and resources they need to complete their education,” Secretary of Education Betsy DeVos said in a statement.
It’s also the latest fallout from a series of college chains that have imploded. In 2015, Corinthian Colleges filed for bankruptcy, ITT Educational Services went under a year later and the Education Corporation of America closed in late 2018. In the wake of Dream Center’s collapse, Congressman Bobby Scott, a Democrat from Virginia and chairman of the House Committee on Education and Labor, raised question over the Education Department’s actions.
In her statement Friday, DeVos faulted an outside accrediting organization for its handling of the schools and said her department was “committed to holding institutions and accreditors accountable to the students they serve. In this instance, students were failed and deserve to be made whole.”
A cool 0.0008% of outstanding student loan debt for 0.003% of borrowers
A whole 1500 This is BS.
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