Dozens of for-profit colleges that are among those most likely to benefit from stimulus funding face thousands of claims from students demanding their money back because they say they were defrauded.
Dozens of for-profit colleges that are among those most likely to benefit from stimulus funding face thousands of claims from students demanding their money back because they say they were defrauded, according to analysis prepared for MarketWatch.
The analysis found that of the top estimated 100 for-profit schools eligible for coronavirus crisis subsidies, 79 had students who demanded their loans be forgiven under a federal program meant to provide relief to students who alleged they had been defrauded. From these top 100 for-profit schools, 12,000 students had filed federal complaints alleging they were victims of fraud.
Some observers say they are concerned about a rerun of the 2008 stimulus package, which proved to be boomtime for the for-profit education sector, but which led to a wave of student loan defaults and congressional inquiries. The 2008 stimulus package included $17 billion to ramp up the Pell Grant program. Some school chains expanded the number of recruitment staff to convince students to apply for federally subsidized grants and loans.
The “Senate passed CARES Act last night 96-0! The bill is one of the largest rescue packages in American history and will provide relief to students during the COVID-19 outbreak,” the Twitter post said. “We haven’t thought about those issues because that ideological debate continues to rage and we don’t want to be a part of that,” he said.
EDMC filed for chapter 7 bankruptcy liquidation in June 2018. But Education Department data shows remnants of the EDMC chain appear as among the top school groups eligible for stimulus funds.
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