Biden Admin. Announces $3.4M in Student Loan Forgiveness for Students of This College

A for-profit college accused of illegal behavior has settled with the FTC and will now cancel $3.4 million in student debt. Veuer has more.

Transcript

00:00 Relief for students. A for-profit college accused of illegal behavior has settled with the FTC

00:06 and will now cancel millions of dollars in student debt.

00:09 According to a press release from the Federal Trade Commission,

00:11 Soler's College, based in New Jersey, was accused of falsely touting job placement rates.

00:17 The college is also accused of deception,

00:19 misrepresenting its relationship with prominent companies

00:22 that it claimed would hire students after they graduated.

00:24 Some of those companies, like Well Cornell Medicine,

00:26 have now sent the college a cease and desist letter for using its logo.

00:30 The FTC says Soler's trapped students into illegal income share agreements

00:34 in which students would pay a fixed percentage of their future income to repay tuition.

00:39 Some of those students defaulted on those agreements and were sent to collection agencies.

00:43 The college will now have to cancel $3.4 million in student debt.

00:47 So far, no comment from the school.

00:50 (upbeat music)