What most people don’t get is that there are many schools with predatory lending. These schools LIE about job placement, requirements to graduate (they keep moving the goalposts) and fail to deliver an education. Some even take put federal loans in the students names.
These students are then locked into 8% compounded loans that cannot be lowered (per the govt) while the rest of the world is at 2%.
I have family that went to a well-known school, “great reputation”, that borrowed 40 thou over 5 years only find that they lied about the degree, (moved the goalposts on graduating requirements) etc. It was not an AA that they promised but an AAA which was not recognized anywhere. They couldn’t even transfer their credits to any community college.
They tried to get help, contacted govt agencies that are supposed to monitor these schools, wrote letters, talked to attorneys, etc. No one would help.
Their $40,000 loans now sits at $250,000 plus. They have been locked into poverty for the last 25 years.
So before y’all pile on thinking people are just lazy and stupid…that is not the case. Schools have been cheating for a long time.
Yes my daughter is one that went to one of the schools mentioned- the President of the school is in prison for embezzlement- it was all a scam. $50,000 per each kid and like you said the credits don’t transfer - thankfully it’s been wiped away now. And it is the compound interest that kills you. My 33 y/o son lives with us b/c his student loan is a mortgage payment. We were guilty of talking him into it & encouraging him to go to college- he was the first male in my husband’s side to get a college degree- BUT He’ll be my age by the time his loan is paid off. Definitely wasn’t worth the degree- at least not yet I don’t see it.
Yes, very sad. Hope your son can get ahead. It’s hard enough to get ahead these days without that hanging around ur neck. Ugh…
How did ur daughter get it wiped away? (I’d be very interested in what you did. PM me if you can send me some directions to pass along).
Most people who scream, “I went to college and paid my loan off, you lazy
&$#*$$-ers,” don't realize that they actually got a degree/credits and a job. The people I’m talking about got nothing, got cheated and are now crushed financially forever.
It’s like buying a house and paying on it for 5 years and then finding out the lender lied…you get booted out but are still on the hook for the mortgage that you can’t refinance for the next 30 years. Your credit is ruined and you can’t get another loan.
I don’t think people realize how many of these scammer schools there are. 😕
She only got it wiped away b/c her school was one that was specifically named. I think they named 12 of them in the suit. She’s one of the lucky ones. I can try to find a link w/more info if you can’t find any info
What most people don’t get is that there are many schools with predatory lending. These schools LIE about job placement, requirements to graduate (they keep moving the goalposts) and fail to deliver an education. Some even take put federal loans in the students names.
These students are then locked into 8% compounded loans that cannot be lowered (per the govt) while the rest of the world is at 2%.
I have family that went to a well-known school, “great reputation”, that borrowed 40 thou over 5 years only find that they lied about the degree, (moved the goalposts on graduating requirements) etc. It was not an AA that they promised but an AAA which was not recognized anywhere. They couldn’t even transfer their credits to any community college.
They tried to get help, contacted govt agencies that are supposed to monitor these schools, wrote letters, talked to attorneys, etc. No one would help.
Their $40,000 loans now sits at $250,000 plus. They have been locked into poverty for the last 25 years.
So before y’all pile on thinking people are just lazy and stupid…that is not the case. Schools have been cheating for a long time.
Yes my daughter is one that went to one of the schools mentioned- the President of the school is in prison for embezzlement- it was all a scam. $50,000 per each kid and like you said the credits don’t transfer - thankfully it’s been wiped away now. And it is the compound interest that kills you. My 33 y/o son lives with us b/c his student loan is a mortgage payment. We were guilty of talking him into it & encouraging him to go to college- he was the first male in my husband’s side to get a college degree- BUT He’ll be my age by the time his loan is paid off. Definitely wasn’t worth the degree- at least not yet I don’t see it.
Yes, very sad. Hope your son can get ahead. It’s hard enough to get ahead these days without that hanging around ur neck. Ugh…
How did ur daughter get it wiped away? (I’d be very interested in what you did. PM me if you can send me some directions to pass along).
Most people who scream, “I went to college and paid my loan off, you lazy &$#*$$-ers,” don't realize that they actually got a degree/credits and a job. The people I’m talking about got nothing, got cheated and are now crushed financially forever.
It’s like buying a house and paying on it for 5 years and then finding out the lender lied…you get booted out but are still on the hook for the mortgage that you can’t refinance for the next 30 years. Your credit is ruined and you can’t get another loan.
I don’t think people realize how many of these scammer schools there are. 😕
She only got it wiped away b/c her school was one that was specifically named. I think they named 12 of them in the suit. She’s one of the lucky ones. I can try to find a link w/more info if you can’t find any info
T/u. Looking into the lawsuit now.
Question…how did you find out about the class action lawsuit?