“Dear Steve,
I was one of the Everest Students of Anaheim where they illegally forced us into multiple loans including their private Loan company Genesis.
They lied to me on multiple occasions, and forced me to take out more money on my loan AFTER they told me I was graduating that month, only to find out they “forgot” I missed two classes I had to complete after they let me walk during graduation.
Since they have settled for 480 million dollar debt relief to their students, how will I know if I was qualified? What can I do to make sure I am part of this deal? They made me pay while I was attending school, lied several times about vital information of the loan, and promised me hands on training that never happened once.
Alyssa”
Dear Alyssa,
There have certainly been a lot of worries and concerns generated by the for-profit college industry. From quirky trade schools to downright fraudulent practices, consumers have been getting the shaft for years.
If there was a ray of sunshine here for the loans it is that students impacted by these crappy loans under the Corinthian College gang of schools should soon find their balances owed reduced automatically by 40 percent.
According to the Consumer Financial Protection Bureau they negotiated a solution with the new owner of the schools, ECMC to make these reductions happen without intervention. That’s the plan at least. You can find the announced details of how this will work, here.
As always though, I’m confident a number of people will slip through unintended cracks so some diligence about monitoring your statements from your school would be warranted.
If you don’t see some automatic reduction in the debt by April, you should submit a complaint to the CFPB and have them check to make sure you were not overlooked.
Please post your responses and follow-up messages to me on this in the comments section below.
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