Why This For-Profit College Will Cancel $500 Million Of Student Loans
Zack FriedmanSenior Contributor
Career Education Corporation, a major for-profit college operator, has agreed to cancel nearly $500 million of student loans as part of a settlement with 48 states and the District of Columbia.
Here's what you need to know and how it can affect you.
The Settlement: What Happened
Career Education, which operates the for-profit colleges Colorado Technical University and American InterContinental University and serves approximately 34,000 students, agreed to cancel $493.7 million in student debt for nearly 180,000 former students. The Illinois-based company faced allegations of fraud and deceptive practices, including allegedly misleading students about its job placement rate and actual cost of earning a degree, among other practices.
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