Attorney Generals from 38 state nationwide have settled to forgive a sum of $102.8 million in student loans. Unfair and misguided recruitment policies are the main cause behind this national grievance.
As said by New York Attorney General Schneiderman, “For-profit education companies that lure students using deceptive recruitment and enrollment practices must be held accountable.” He continues,“EDMC preyed on the hopes and dreams of New York students, and ripped off taxpayers, who backed federal student loans that were destined to fail. Today’s agreement not only provides relief to a large number of former students through loan forgiveness, but requires that EDMC make substantial changes to its business practices to protect future students from being deceived.”
The average person is expected to receive $1,370 of forgiveness in his/her respective student loans.