Options Now Available For Federal and Private Loan Forgiveness
The culinary school Le Cordon Bleu is well known to Americans due to its famous graduate, Julia Child. Child and Le Cordon Bleu helped import classic French dishes into the American diet. However, the school is now closing its 16 campuses based in the United States and some chefs say this isn’t necessarily a bad thing.
Many students spend a couple years and accumulate tens of thousands in student loans, only to find themselves looking at low paying, entry-level positions when they enter the work force. This unfortunately causes many graduates to either seek employment outside of their desired industry, or default on their student loans while starting out cutting and blanching vegetables hoping to work their way up the restaurant chain.
CEO Todd Nelson of Le Cordon Bleu blamed changing federal support for high-cost for-profit colleges such as this.
Back in 2013, Le Cordon Bleu paid $40 million in order to settle a class-action lawsuit brought on by former students claiming recruiters oversold the benefits of a Le Cordon Bleu diploma, leaving them with exorbitant amounts of student loans and low-paying industry jobs.
New federal regulations on predatory for-profit colleges that take advantage of students capped student loan payments to 20 percent of a graduate’s after-tax wages hit Le Cordon Bleu particularly hard. CEO Todd Nelson cited these new regulations as one reason for the closure. In a statement, he claimed the regulations make it difficult to project the future for career schools that have higher operating costs, such as culinary schools that require expensive commercial kitchens and ongoing food costs.
There is good news in all of this though. Former students from Le Cordon Bleu are eligible for loan forgiveness programs for their student loans. For more information on Le Cordon Bleu loan forgiveness, call (800) 940-8911 or fill out the form below.
Call us at (800) 940-8911 or fill out the form on this page to speak to one of our representatives. It’s 100% free to see if you qualify for student loan forgiveness, and only takes a few minutes.
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.
GoodbyeLoans.com 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 for-profit student loans.
Because forgiveness applications can be so complex, services like GoodbyeLoans.com provide a badly needed service to the thousands of Americans suffering from crippling, and in some cases unjust, student loans. GoodbyeLoans.com’s core staff are dedicated young entrepreneurs, committed to providing a smart fix to this national problem, offering no-strings attached consultations, affordable pricing, and swift resolution. With more solutions-oriented services like GoodbyeLoans.com entering the market place, it will be interesting to see what can be done about the national student loan debt, as well as the current lending practices of colleges like Le Cordon Bleu, accused of predatory practices and facing increasing transparency.
If you attended Le Cordon Bleu and feel you deserve relief for loans from a closed college, give us a call today or fill out the form below to get started. You may qualify for federal loan forgiveness and private student loan discharge.
