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U.S. says $168 million ITT for-profit student loans to be forgiven


Added 06-14-19 05:10:03pm EST - “Former students at ITT Technical Institute will not have to pay $168 million the...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “U.S. says $168 million ITT for-profit student loans to be forgiven”. Below is an excerpt from the article.

(Reuters) - Former students at ITT Technical Institute will not have to pay $168 million they still owe on private loans from an affiliated lender to attend the now-defunct for-profit college, under a U.S. regulatory settlement announced on Friday.

Student CU Connect CUSO, created in 2008 to fund and manage loans for ITT students, reached the settlement with the Consumer Financial Protection Bureau, 44 states and Washington D.C. to resolve claims over its alleged shoddy business practices.

The accord also requires CUSO to stop collecting on loans, and ask consumer reporting agencies to effectively delete its loans from students’ credit profiles, and tell borrowers they no longer owe money on the loans.

Court approval is required. CUSO did not admit wrongdoing. Its lawyer did not immediately respond to requests for comment.

ITT Educational Services Inc, which ran ITT Technical Institute, closed its roughly 130 campuses and filed for bankruptcy in Sept. 2016, amid growing regulatory scrutiny of for-profit colleges’ recruiting and financing practices.

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