For-Profit College Operator EDMC Will Forgive Student Loans
The for-profit college operator Education Management Corporation will forgive loans to about 80,000 former students nationwide as part of an agreement with state attorneys general resulting from a multiyear investigation of the company’s aggressive recruitment practices.
The $102.8 million loan forgiveness program was announced on Monday in Washington along with a separate $95.5 million civil settlement with the Department of Justice, the result of a whistle-blower lawsuit accusing the company of using boiler-room tactics to enroll students who had little chance of succeeding in college.
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