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Education Department wipes out $4 billion in ITT Tech student loans.

The Department of Education this week sent DeVry University, once one of the largest for-profit university chains in the United States, a bill seeking $24 million in costs to pay off a former student’s loans.

The chain misled students so badly that Department of Education officials agreed to cancel federal student loans for at least 1,800 of former participants this year. We aim to collect money for the benefit of the public, and this has always been our goal.”

DeVry said the Ministry of Education hasBorrower defense against repaymentsThe program allows borrowers who attended schools that violated consumer protection laws to have their federal loan debt wiped out.

According to the Department of Education, from 2008 to 2015, DeVry deceptively lured applicants with highly exaggerated claims about their career prospects. The school advertised that 90% of his actively job-seeking graduates found employment in their respective fields within six months of him, but the actual placement rate was about 58%. said an agency official.

During that time, DeVry was owned by Adtalem Global Education, which operates a for-profit trading school. In his 2018, Adtalem sold the school to Cogswell Capital, an investment firm owned by his venture capitalist and investor Bradley Palmer. The agency is seeking payment from the current owner, Cogswell, officials said.

Hessy Fernandez, Director of Communications at DeVry, said: “We continue to believe that the department has misunderstood the calculation and disclosure of alumni results in certain DeVry advertisements, and we disagree with the conclusions they reached.”

Palmer did not respond to a request for comment.

DeVry has 20 days to appeal if it disputes the agency’s recall request, according to Education Department officials.

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