6 million in Ohio student loans to be forgiven
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COLUMBUS Ohio Attorney General Mike DeWine along with 39 other attorneys general today announced that the company behind Brown Mackie College, The Art Institutes, South University, Argosy University, and Stautzenberger College has agreed to reform its recruiting and enrollment practices and forgive about $102.8 million in student loans nationwide, including over $10.6 million in Ohio.
Under the multistate agreement, Education Management Corporation (EDMC) will stop collecting on the accounts of an estimated 80,795 former students, including more than 7,100 from Ohio.cheapnfljerseysclub
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“We found that many students didn’t understand what they were getting into and accrued a significant amount of debt without ever getting a degree,” DeWine said. “This settlement will provide relief for former students and protection for future students.”
In the settlement, EDMC agrees to provide greater disclosures to prospective students and to give students more opportunities to withdraw without incurring costs.
EDMC, which is based in Pittsburgh, operates 110 schools in 32 states and Canada through its education systems. The attorneys general launched an investigation into the company after students complained about its recruiting and enrollment practices.[See also ALONG THE WAY: Dave O’Brien ]
The settlement outlines several changes EDMC must make, including the following:EDMC must provide a single page disclosure to each prospective student outlining the student’s anticipated total cost, the median debt and earnings for those who complete the program, and the job placement rate, among other information.
EDMC must reform its job placement rate calculations to provide more accurate information about students’ likelihood of obtaining employment in their chosen field.[See also CRIME REPORT ]
Prospective students who use federal student loans or financial aid will be required to utilize an Electronic Financial Impact Platform to provide a picture of the student’s expected education program costs, debt burden, and post graduate income.
EDMC must not make misleading statements about accreditation, selectivity, graduation rates, placement rates, transferability of credit, financial aid, veterans’ benefits, or licensure requirements.
EDMC is prohibited from knowingly enrolling students in programs not accredited by the state if such accreditation is typically required for employment.[See also No remains found on slaying suspect’s land]