Higher Education in the United States was once considered a civic activity intended to improve people’s lives and benefit society. Then some people realized they could make money in the education racket, and the for-profit-college industry was born. Who makes money from for-profit colleges? Mostly hedge funds, equity funds, and institutional stockholders. Let’s look at …
Nearly 16,000 borrowers will receive $415 million in borrower defense to repayment discharges following the approval of four new findings and the continued review of claims. This includes approximately 1,800 former DeVry University (DeVry) students who will receive approximately $71.7 million in full borrower defense discharges after the U.S. Department of Education (Department) determined that …
This week, Betsy DeVos, President Trump’s lamentable Secretary of Education, proposed new rules for implementing the Department of Education’s Borrower Defense to Repayment Program. The new rules–433 pages long–outline the DeVos regime’s procedures for processing fraud claims filed by students who took out federal loans to attend for-profit colleges and were swindled. The New York …