Under Sec. DeVos, for-profit colleges get a gold mine. Students get the shaft
The shutdown of ITT Technical Services, a for-profit college with three branches in the state, left 18,000 students across America seeking relief from student loans carrying steep interest rates.
Washington Attorney General Bob Ferguson was part of a nationwide legal battle with the loan provider, helped by the Federal Consumer Financial Credit Bureau. He eventually secured relief from a lender which had worked with ITT Technical Services.
The school and lender were, Ferguson said, "only interested in increasing their bottom line at their students' expense. They issued private loans they knew students could not afford in order to access their federal loan dollars. This was a scam and students deserve this relief."
ITT Technical Services and Corinthian Colleges, which operated seven Everest College branches in the state, went belly-up late in the Obama administration.
The Obama folk acted in response, imposing rules to protect students over opposition from one of Washington, D.C.'s most powerful lobbies.
The U.S. Department of Education put in a rule requiring that colleges prove that graduates could find jobs in the fields where they were enrolled, to bear the burden of their student debt. The colleges were also required, in their advertising, to compare the debt load borne by their students with their career earnings.
And then came U.S. Secretary of Education Betsy DeVos and the Trump Administration.
On Friday, the billionaire Cabinet secretary repealed the anti-ripoff rule, putting the onus on students and families to protect themselves. She promised a DOE will make "full suite of data" available to students.
https://www.seattlepi.com/local/politics/article/Connelly-Under-Sec-DeVos-for-profit-colleges-14109625.php?utm_source=newsletter&utm_medium=email&utm_campaign=dailynewsletterspi&utm_term=spi
= new reply since forum marked as read
Caveat emptor is latin for "the government will protect scam artists' right to rip people off."
