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Students who attended schools operated by the defunct Education Corporation of America will have their private student loans canceled.
Pennsylvania Attorney General Josh Shapiro announced an agreement on Tuesday that will result in the cancellation of about $2.6 million in private Pennsylvania student loans for 1,300 students who attended schools operated by Education Corporation of America.
ECA operated five former Brightwood Career Institute locations in Pennsylvania, including a Pittsburgh site that abruptly closed in 2018. Education Corporation of America lost its accreditation and failed to meet federal Education Department financial requirements, causing them to close their Pittsburgh location, along with campuses in Philadelphia, Broomall and Harrisburg.
The owners of a group of defunct for-profit colleges are being sued by a receiver who is seeking at least $50 million in damages, saying those in charge of the Education Corporation of America took part in self-dealing as the school spiraled into financial collapse.
5 of the biggest for-profit colleges that were accused of defrauding their students yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
A federal watchdog will vote Thursday on calls from the Education Department to yank approval from an accreditor that oversaw the collapse of several national for-profit college chains.