NYC comptroller wants for-profits to disclose student debt data
- New York City Comptroller John C. Liu and the NYC Pension Funds issued a release Thursday calling for for-profit education companies DeVry Inc. and Career Education Inc. to disclose their student debt and loan repayment information.
- Specifically, the two for-profits were asked to reveal their students' loan repayment rate, including the percentage of former students whose student loan balances have yet to be repaid, and the students' debt-to-income ratio.
- According to the release, "short-sighted and unethical" marketing practices utilized by the school not only harm students, but place for-profit education companies at risk of financial collapse.
From the article:
... “We need to know if these for-profit degree programs are deceiving lower-income students with empty promises while drowning them in debt,” Comptroller Liu said. “These companies rely heavily on federal dollars, and need to demonstrate to shareowners and students alike that the degrees they hand out are worth more than the paper they’re printed on.” ...
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