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Sheryl S
Latest posts by Sheryl S (see all)
- Private Student Loan Horror Story - May 24, 2016
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- DeVry University Lawsuit Filed By The Federal Trade Commission CSD - March 24, 2016
New England Institute students have sued the school with complaints of fraud. A four year degree at the school has cost many as much as $100,000-180,000 many of which can’t pay the loans back as they have found their education to be called a joke by employers. Students were lured into the programs with promises based on inflated job placement figures and lucrative salaries to be expected upon graduating.
Some students have found themselves on the opposite end of lawsuits as private lending companies have sued them when they were unable to make payments. This has left many students facing credit nightmares they won’t be able to wake up from for many years to come. Graduates seeking employment have been told their education is absolutely worthless and a joke and that they simply cannot be hired. Many have had to go so far as to remove the school from their resumes when they couldn’t even get hired for minimum wage jobs with it listed on their resumes. Students were then forced to work more than one minimum wage job to even survive and often ended up in default because no matter how many low paying jobs they found they could never manage to make the loan payments.
Students would be signed up by the school for both private and federal loans to cover the massive tuition costs. When they were accepted for government funding, students took this as a sign that the school had a good reputation and that their education was valuable. Some students have said that considering all that they have is a job for $8 per hour that they’d like to disappear from society forever because that’s what it would take to escape the financial nightmare they find themselves living in.
The Institute prayed on the dreams of people who were stuck in low income situations and who dreamed of doing better for themselves. They were willing to put in the hard work necessary to get through the programs but soon found out that would be the last work they would ever do in relation to their field of study due to the school’s poor quality of education and lack of anything but local accreditation within its own institution and that which is necessary to operate as a for-profit entity.
If that weren’t bad enough, the school also targeted veterans and military service people who could access GI bill funding. This funding did not cover the cost of the program and students were signed up for additional federal or private student loans. These same students paying through the teeth found themselves hauled out of class on a regular basis with threats of dismissal from the program if they refused to sign the latest loan application for more money. Because the students risked losing what they worked so hard for, they often felt they had no choice but to agree and then were left paying even more for their useless piece of paper.
Many program participants found they had maxed out their borrowing capabilities before the end of their program and had to scramble to find a way to pay or they were forced to drop out. This left many paying massive student loans without a degree, albeit a useless one, on minimum wage, sued, or in default with private and federal lending providers.
If you have questions or comments, please chat in the comments below or on the ChallengeStudentDebt Twitter handle.
If you feel you were defrauded by the school you attended or you are being treated poorly as a distressed borrower by your creditors, take the free challenge debt review to find out what options you have regarding your student loans.
