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The California State Attorney General, Xavier Becerra and 48 other states and the Consumer Financial Bureau won a $330 million settlement on behalf of students from a now-defunct for-profit “college.”
California Attorney General Xavier Becerra, along with 48 states and the Consumer Financial Protection Bureau (CFPB) on Tuesday announced a $330 million settlement with ITT Technical Institute (ITT Tech), the now-defunct predatory for-profit college, and PEAKS, its holding company. The settlement, which in California is pending court approval, resolves allegations of an illegal private student loan scheme that harmed student borrowers by misdirecting them towards expensive student loans that they struggled to repay. The settlement will automatically discharge PEAKS’ entire student-loan portfolio with loan forgiveness for anyone with an outstanding PEAKS loan. This will provide relief for more than 43,000 borrowers nationwide, including 4,000 Californians. PEAKS will also be required to shut down after carrying out the settlement.
“As students strive for a college degree, their attention should be on their studies not on being cheated by unscrupulous lenders,” said Attorney General Becerra. “Using a private lending scheme, ITT Tech saddled students with massive debt, exorbitant interest rates, and a worthless diploma. Today’s settlement removes the financial handcuffs gripping thousands of California students defrauded by ITT Tech. These students and former students can now wake up from this borrower’s nightmare. At the California Department of Justice, we will continue to crackdown on predatory for-profit colleges that focus on dollars instead of diplomas.”