Thread: The Great Student Loan Swindle

robslob - 11/18/2017 at 12:00 AM

There's probably no better symbol of the bankruptcy of the education industry than Trump University. The half-literate president's effort at higher learning drew in suckers with pathetic promises of great real-estate insights (for instance, that Trump "hand-picked" the instructors) and then charged them truckfuls of cash for get-rich-quick tutorials that students and faculty later described as "almost completely worthless" and a "total lie." That Trump got to settle a lawsuit on this matter for $25 million and still managed to be elected president is, ironically, a remarkable testament to the failure of our education system.

About the only example that might be worse is DeVry University, which told students that 90 percent of graduates seeking jobs found them in their fields within six months of graduation. The FTC found those claims "false and unsubstantiated," and ordered $100 million in refunds and debt relief, but that was in 2016 - before Trump put DeVry chief Julian Schmoke, of all people, in charge of rooting out education fraud. Like a lot of things connected to politics lately, it would be funny if it weren't somehow actually happening.

"Yeah, it's the fox guarding the henhouse," says Alan Collinge of Student Loan Justice. "You could probably find a worse analogy."

-By Matt Taibbi, Rolling Stone, 11-16-17

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