Public colleges, universities under fire for promoting controversial ed loans

Source: Danielle Douglas-Gabriel, Washington Post (Paid Registration)

A report being released by the Student Borrower Protection Center (SBPC) accuses schools, such as Virginia Tech and Indiana University, of promoting specialty finance companies that can charge double-digit interest for loans with opaque terms.

They say contractors such as Trilogy, Fullstack Academy and Promineo are helping schools push students toward what they call “shadow debt” — loans that operate outside of the traditional education finance market. The practice is common for boot camps, short-term courses that many colleges offer through third-party providers known as online program managers, according to the report. 

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