Predatory For Profit Shutting Down
About Harrington College of Design
Americans are flooding the government with appeals to have their student loans forgiven on the grounds that schools deceived them with false promises of a well-paying career—part of a growing protest against years of surging college costs.
In the past six months, we have helped over 7,500 borrowers owing $164 million have applied to have their student debt expunged under the Obama student loan debt forgiveness programs. The law forgives debt for borrowers whose schools used deceptive tactics to recruit them, such as by lying about their graduates’ earnings and employment rates. For instance, if you graduated from Harrington College with hopes of becoming an interior designer but could only find work as a sales associate at Baby Gap, Harrington College still considered you to be gainfully employed, padding their employment rate numbers
The U.S. Education Department has already agreed to cancel nearly $28 million of that debt for 1,300 former students of Harrington College Colleges—the for-profit chain liquidated in bankruptcy this year. The department has indicated that many more will likely get forgiveness.
While these for-profit colleges can take comfort and protect themselves by filing for bankruptcy, federal law prohibits student debt from being discharged in bankruptcy, except in rare circumstances, and the Supreme Court recently declined to hear a case that could have expanded bankruptcy options for these students. This program could prove to be one of the few lifelines for hundreds of thousands of Americans buried in student debt after attending disreputable schools that failed to land them a decent job.
STUDENT LOAN FORGIVENESS
What is arguably the national crisis of total student loan debt currently exceeds 1 trillion dollars, according to a report by the Consumer Protection Bureau, and there have been widespread government initiatives to provide the opportunity for partial or total student loan forgiveness, as well as entrepreneurial social movement to provide real expediting services (at affordable prices for all), in the interests of restoring the balance of our economy.
Goodbye Loans is one service that helps students navigate the options and programs offered by the Department of Education, and provides real guidance for pursuing consolidation, reduction, and even total forgiveness of both federal and private student loans.
Because forgiveness applications can be so complex, services like Goodbye Loans provide a badly needed service to the thousands of Americans suffering from crippling, and in some cases unjust, student loans. Goodbye Loans’s core staff are dedicated young entrepreneurs, committed to providing a “smart fix” to this national problem, offering “no-strings” consultations, affordable pricing, and swift resolution. With more solutions-oriented services like Goodbye Loans entering the market place, it will be interesting to see what can be done about the national student loan debt, as well as the closure of colleges like Barat College, accused by students of predatory practices and facing increasing transparency.