PREDATORY PRACTICES AT NEW COLLEGE OF CALIFORNIA
Options now available for private and federal loan forgiveness
NON-PROFIT COLLEGE CLOSED AFTER FINANCIAL INVESTIGATION
A Quick Look
New College of California was a college founded in the San Francisco Bay Area in 1971 by former Gonzaga University President, Father John Leary. It ceased operations in early 2008
New College is Old News
The main question everyone asks is, “Is New College a real school?”. The answer is most definitely yes, it was real but the real question the students should ask is, “What did New College of California do with my tuition fees?”. New College of California was investigated for financial aid mismanagement, and financial aid funds were frozen while the investigation took place. Because of this, the college was unable to meet its payments and ultimately went under. Surprising, coming from a non-profit college, but not unheard of. Infact, we seem to hear more and more often these days that non-profit colleges are practicing predatory lending. Everyone knows that for-profit colleges practice predatory lending at an unnervingly large rate, but did you know that former students of non-profit colleges can qualify for student loan forgiveness as well?
Regardless of whether a company is profiteering outright or behind closed doors, you can bet that the pay of the faculty is raised per capita of the student body. This means that some schools give more attention to the number of students attending and not the quality of the education given nor of the degree earned.
Some tech startups, like Goodbye Loans, work to assist students who’ve had a poor educational experience at non-profit and for-profit colleges alike with their federal and private student loans. “We understand exactly how hard it can be to cope with looming debts in the face of a struggling economy, and we’ve taken the time to thoroughly examine the systemic options of optimized repayment and/or loan forgiveness, so that you can take the shortest path to moving forward. This is by no means an intention to slander or defame colleges like New College of California in any way. There are enough credible sources that we felt prompted to take action and offer our insights to any student faced with overwhelming debt or institutional injustice.”
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 current lending practices of colleges like New College of California, accused by students of predatory practices and facing increasing transparency.
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