Report: State courts and private debt companies are hurting consumers
Stephon Johnson | 3/1/2018, 10:18 a.m.
“In Virginia, professionals who borrowed money for school or technical training run the risk of losing their professional licenses if they run into trouble paying their student loans,” said VanValkenburg in a statement. “People can’t pay their loans if they’ve lost the ability to work. As a teacher, I see students limiting their career choices because of increasing levels of student loan debt. We need teachers, firefighters and health care professionals.”
Locally, New York State Attorney General Eric Schneiderman joined 20 other AGs and signed off on a letter to Education Secretary Betsy DeVos demanding they not reauthorize the accrediting agency, Accrediting Council for Independent Colleges and Schools, that approved of predatory loans for for-profit schools.
“For years, thousands of students were duped into pursuing degree programs that essentially had no real world value—saddling many New Yorkers with mountains of debt and very few job prospects,” stated Schneiderman. “As an accreditor, ACICS had a basic responsibility to protect those students, but, instead, allowed them to be taken advantage of by predatory for-profit colleges. Secretary DeVos must do her job to protect students by rejecting ACICS’s petition to regain its status as a nationally recognized accreditor. ACICS thoroughly failed students before and it cannot be entrusted with that responsibility again.”