Education Management Corp., the parent company of the schools, will pay Indiana, four other states and the federal government $95.5 million over a period of years to settle whistleblower lawsuits.
Indiana Attorney General Greg Zoeller is urging Indiana members of Congress to work to restore a longstanding prohibition on student loan debt collectors from using robocalls to cellphones.
The lawsuit asks the court to clarify 1970s-era rules that prevent borrowers from getting rid of education debt in bankruptcy, except in cases in which repaying it would constitute an “undue hardship.”
USA Funds’ business is dying. But the Fishers-based not-for-profit with nearly $600 million in annual revenue is determined to find new life helping students pay for college degrees.
Under the plan, a student draws from an investment pool to get money to pay for tuition and agrees to repay with a portion of the student's future income over a fixed period of time.
The unwinding of for-profit education companies could allow tens of thousands of students to walk away from their federal loan obligations.
Shares of ITT Educational Services Inc. shot up by as much as 60 percent Friday morning after the company reported that its first-quarter profit had nearly tripled from a year ago.
ITT Educational CEO Kevin Modany and Chief Financial Officer Daniel Fitzpatrick allegedly “engineered a campaign of deception and half-truths” to hide from investors the extent of losses ITT was suffering from student loan programs, the SEC said Tuesday morning.
Students using loans to pay for college might get some extra help when it comes to gathering information about their debt load if an Indiana House bill becomes law.
That per-student figure was the 16th highest among the 50 states, according to The Project on Student Debt report put out by The Institute for College Access & Success.
ITT Educational Services Inc. dodged a bullet from the U.S. Department of Education, according to a securities filing issued Friday morning, but now faces a new threat: a potential enforcement action from the U.S. Securities & Exchange Commission.
Navient Corp., which employs 2,300 in its Fishers, Indianapolis and Muncie offices, is in the running for a big contract with the U.S. Department of Education even as the student-loan-servicing company faces criticism after admitting it overcharged military service members by millions of dollars.
Carmel-based ITT Educational Services Inc. said the U.S. Education Department may limit its access to student-loan funds because the company is unable to provide audited financial statements.
ITT Educational Services Inc. stock plunged more than 31 percent Thursday after it announced that it spent an extra $43.7 million in the first quarter to cover mounting losses on private student-loan programs.
But in an interview with IBJ, ITT Educational Services CEO Kevin Modany asserted that for-profit colleges are a good deal, that they produce better results than community colleges, and that they are critical for the state and nation to close the skills gap among workers.
A default-prone portfolio of loans to ITT Educational Services students has come back to haunt Eli Lilly Federal Credit Union, a full-service but otherwise conservative institution.
Roughly 37 million people in the U.S. are saddled with $1 trillion in student debt, a factor contributing to the widening of the gap between rich and everyone else in the country.
The shoppers, who were hired by the Carmel-based operator of for-profit colleges, generated the bulk of the material cited in the Consumer Financial Protection Bureau’s complaint.
Certain students who go on to teach science, math or special education in Indiana could get up to $9,000 to pay off loans if a legislative proposal becomes law.
Gov. Mike Pence announced Monday that Indiana is one of three states selected to lead a national initiative aimed at ensuring more college students graduate on time and with less debt.
