One of the pitfalls of so to speak . is figuring out if
you get what you pay money for.
The colleges get the money in the student loans,
whether you get the job you thought/they told you
you could get – or not.
Education Management Corporation –
not a whole lot.
company that enrolls more than 100,000 students at for-profit trade schools and colleges through the U.S. and Canada has wanted to pay $95.5 million to claims it illegally paid recruiters and exaggerated the career-placement abilities of its schools.
Under deals announced Monday from the Justice Department and state attorneys general, Education Management Corp. also opted for forgive $102.8 million in loans it created to more than 80,000 former students.
The things people do for the price.
Nadia Taylor, 23, of Durham, North Carolina, said she enrolled at the Culinary Institute at Raleigh-Durham for 2011 after being cold-called by a recruiter just isn\’t personal details about her, including her low-income status, understanding that her mother was incarcerated and her father deceased.
Taylor said the recruiter talked her in a four-year bachelor’s degree program without disclosing your buck – $100,000 – which Taylor found out about only after completing her first quarter. Taylor said she eventually quit school in 2014, with two months left, when the curriculum was changed requiring her to look at more classes she couldn’t afford.
I guess I can\’t call this news, seems I blog about education loan servicer issues at least once every thirty days, but, there is more.
The government, the Department of Education, hires private companies to service student education loans.
That is, collect the payments, record interest and principal, due dates, et cetera, AND
offer the different student loan repayment programs, when requested.
The GAO, and that is operated by Congress to be able to executive branch spending, finds, Do you know what? the Department of Education just isn\’t doing so hot in this area.
The GAO saw that ED gives no consistent instructions to servicers on how to deal with borrowers. As a result, borrowers have no notion what to expect from their servicers. Borrowers are assigned a servicer in a very random fashion.
more from the same story:
the office of Federal Student Aid (FSA) as \”rife with inefficiencies that have generated a lack of communication with students, institutions and loan servicers; improper payments; inaccurate reporting expertise; failure to ensure borrowers understand the repayment options available to them; mismanagement of contractors and vendors; and poor customer service.\” The FSA is the ED division responsible for presenting student loans and grants.
If you happen to be having student loan issues, you may get a short free consultation with