Daily News | Thomas Jefferson will pay $2.7M to feds over alleged misuse of student loan money
Thomas Jefferson University agreed to pay $2.7 million to settle allegations that it violated terms of a federal student loan program from 2009 to 2016 bythe investment proceeds instead of using them for more loans, federal officials said Tuesday.medical student loan programprovided loans on favorable terms to students who agreed to work as primary care doctors for 10 years after completing their medical degrees.
Medical schools that participate in the Primary Care Loan program are supposed to create a revolving loan fund and applySchools are supposed to return money not used for loans every year, according to the U.S. Attorney. Jefferson, which includesJefferson’s $2.7 million payment returns to the federal government
investment gains that Jefferson kept for its own purposes outside the loan program, the U.S. Attorney’s office said. The U.S. Department of Health and Human Services administers the program. “When schools agree to participate in the Primary Care Loan program, they must carefully account for these federal funds to ensure that taxpayer dollars are used for public good,” said Maureen R. Dixon, special agent in charge for the HHS Office of Inspector General. “When a school wrongfully keeps these funds from the program, it prevents other recipients from using them to meet the primary care needs of the community.
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