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The U.S. Department of Education is sorting through nearly 20,000 loan-forgiveness requests from students asserting that their for-profit colleges misled them when they took on heavy debt burdens to pay for expensive programs.

The Wall Street Journal recently reported that the Department of Education is processing 19,657 so-called "borrower's defense requests" in which former students have an opportunity to demonstrate that they were misled at the time of enrollment with promises relating to programs and job placement. 

To date, the government has allowed around 3,400 borrowers to cancel $27 million in student loan debt, with the vast majority relating to former students of Corinthian Colleges, Inc., the for-profit giant that ran Everest, WyoTech and Heald College before it collapsed as a result of intense federal scrutiny.
 


Comments

06/07/2016 4:34am

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12/22/2016 9:08am

Good to know that, finally the U.S. Department of Education is sorting through nearly 20,000 loan-forgiveness requests from students asserting that their for-profit colleges misled them when they took on heavy debt burdens to pay for expensive programs. Great post.

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The today's world it is quite common to have a lot of outstanding debt. Debt is a normal aspect of millions of people's lives. It can often be used to leverage your current wealth and acquire more wealth faster. Debt is a very good thing if you know how to use it. Unfortunately for those stuck with too much debt they can't repay, debt can also be a very bad thing.

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02/09/2017 3:32am

Great to s ee how The U.S. Department of Education has take a step over the payday loan of the students,I was pretty much delighted to read all about it,Hope the students get some profit out of it.

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05/13/2017 2:07pm

I hope that this problem is solved now. You should share some recent news here.

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05/28/2017 5:28pm

By virtue of being an unsecured loan, personal loans have a very high rate of interest attached to it. So one should consider taking a personal loan only if you do not have an asset/security against which you can get a loan. For e.g. if you have an FD you can pledge, a secure loan might make more sense.

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05/28/2017 5:30pm

Loans help to distribute the financial burden over a certain period of time. However, loans are beneficial only if you can grab a perfect loan with low interest rates. This article presents information about obtaining low rate personal loans and benefiting from them.

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