Economy

Agreement waives almost $13.9 million of debt for MI students

Agreement waives almost $13.9 million of debt for MI students”

CEC also agreed to pay $5 million to the states themselves, with Iowa receiving $257,142.86.

Among other practices, the lawsuit accused Career Education of failing to fully disclose that certain programs didn't have the necessary accreditation for students to find a job or obtain a license.

Nationwide, the agreement requires the for-profit college company to forgive $493,687,220 in outstanding loan debt held by more than 66,000 former students.

The investigation of CEC - launched by the state attorneys general - uncovered evidence that officials deceived prospective students about total enrollment costs, the quality of the schools' mainly online courses, the transferability of courses between CEC and other schools, employment prospects in their chosen fields and the employment outcomes of CEC graduates.

The debt relief applies to students who either attended a CEC institution that closed before January 1, or whose final day at American InterContinental University or Colorado Technical University happened on or before December 31, 2013, the release said.

In Washington, the company operated a Sanford-Brown campus - previously known as the International Academy of Design and Technology - and a Le Cordon Bleu. But the company announced it would begin shuttering most of its schools in 2015 after years of declining enrollment and scrutiny by regulators.

The Illinois-based corporation agreed to pay $493.6 million to almost 175,000 students nationwide, after an investigation by the Washington State Attorney General and 47 other states found it used deceptive and misleading practices to attract students. Those include misleading statements, failing to let students know total costs, programs offered and job placement rates.

As part of compliance monitoring under the settlement, Career Education agreed to record all online chats and phone calls with prospective and current students.

"Today's settlement ensures the company treats students the way they should have been all along - with honesty and respect for their futures", Madigan said.

Students do no need to take any action to receive relief.

AG Healey's Office also secured debt relief for students that went to the American Career Institute, reached settlements worth more than $6 million with Kaplan Career Institute, Lincoln Tech, Sullivan & Cogliano, and Salter College, filed a lawsuit against ITT Tech, and reached a settlement with an unlicensed for-profit nursing school. CEC will notify all eligible students of their debt relief within 60 days. In July 2017, AG Healey led a multistate lawsuit against Secretary DeVos for abruptly rescinding the Borrower Defense Rule-a regulation that was created to hold abusive higher education institutions accountable for cheating students and taxpayers.

As a result, some students could not obtain professional licensure and incurred debts that could not be repaid or discharged.



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