A granddaughter and her husband stumble with debt in their pursuit of the American dream.
Pilot Letter: Legacy of student loans
Published
Tidewater News and Opinion Forum
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Tidewater News and Opinion Forum 
“She has tried to get loan forgiveness, but the school went bankrupt and all records are lost.”
For-profit education strikes again.
In all seriousness what is happening to these kids who get duped by these fake colleges is unconscionable. It’s bad enough when you have to finance a real degree. Maybe the next Secretary of Education will be interested in helping students rather than enriching herself and her cronies.
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RE: “For-profit education strikes again.”
We don’t know that. The letter doesn’t tell us anything about the school, and it is also true that non-profits can go bankrupt.
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If the school folded and her degree isn’t being recognized, it’s a pretty safe bet that it was a non-accredited for-profit.
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“Most of the closures have one thing in common: It was a for-profit college that shut down. Among the more than 1,230 campuses that closed, 88 percent were operated by for-profit colleges. For-profit colleges represent only about one-tenth of U.S. college enrollment, but they account for nearly 85 percent of students displaced by closures in the last five years, according to The Chronicle’s analysis. That adds up to roughly 450,000 displaced for-profit college students.“
https://www.chronicle.com/interactives/20190404-ForProfit
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If it’s 85% of 1/10 of total enrollment, then odds are the school that went bankrupt was a non-profit, right?
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My son-in-law was also a victim of for-profit colleges closing. He, too, attempted to have his student loans forgiven, but between the government bureaucracy and the lack of cooperation from the school (no surprise there), he was unable to achieve that forgiveness.
It was ATT in Norfolk that scored one on my daughter’s husband and they are still battling that. Luckily, they are both gainfully employed and are able to make ends meet. The loan still needs to be repaid. It makes buying their next home a challenge. With loan forgiveness, they could move on right now, sell their house and buy one in the school district they want to live in. As it is, they are meeting the obligation and doing hte best they can…which is OK, but not what they are striving towards.
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