The Trump administration is granting only partial loan forgiveness to the vast majority of students approved for help because of fraud by for-profit colleges, according to preliminary Education Department data.
Education Department documents show that students filed nearly 24,000 federal fraud complaints between President Donald Trump's Jan. 20, 2017, inauguration and April 30 this year, almost entirely against for-profit colleges.
The lawsuit alleges that ITT Educational's bankruptcy and the closure of its 130-school chain could have been avoided or minimized if the board of directors had fulfilled its duties instead of focusing on keeping former CEO Kevin Modany happy.
VeriCite Inc., a Fishers-based maker of plagiarism-detection software, is being acquired by Turnitin, a Silicon Valley-based leader in the plagiarism-detection industry. Turnitin officials said they will maintain and grow its local presence.
A former National American University official alleges that the South Dakota-based for-profit college system defrauded the federal government out of millions through student loans, according to a federal lawsuit.
The SEC broadly charges that two former ITT Educational Services executives concealed from investors the “extraordinary failure” of two off-balance-sheet student loan programs ITT helped set up in 2009 after the financial crisis shut down the market for traditional private education loans.
The Department of Education is considering only partially forgiving federal loans for students defrauded by for-profit colleges, according to department officials, abandoning the Obama administration's policy of erasing that debt.