The US Federal Trade Commission (FTC) issued a release on October 6, 2021 that it has placed 70 for-profit higher education institutions on notice for any false promises made to students related to future job earnings or other outcomes.
Under the FTC’s Penalty Offense Authority, offenders face civil penalties up to $43,792 per violation. The FTC stated, “Many of the practices outlined in the Notice relate to claims made by institutions about the career outcomes of their graduates, including whether a particular career field is in demand, the percentage of graduates who get jobs in their chosen field, whether the institution can help a graduate get a job, the amount of money a graduate can expect to earn, and other related practices.”
The FTC specified education-related complaints soared roughly 70% between 2018-2020.
Former FTC Commissioner Rohit Chopra stated in a prepared letter, “Student debt has surged in the United States. Forty-three million Americans owe $1.6 trillion in federal student debt. Hundreds of billions of dollars in student debt have also gone into default. Sadly, for many Americans, their experience with higher education started with a dream, but turned into a nightmare.”
“A disproportionate number of Americans that defaulted on their student loans attended for-profit colleges. For decades, there have been concerns about the incentives of some of these outfits that have scammed students. There have also been too many incidents where veterans using...
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