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100 YEAR OLD VOCATIONAL SCHOOL CLOSURE DUE TO SPECULATED PREDATORY LENDING PRACTICES
At a Glance
Mount Washington College is a for-profit college owned by Kaplan. The school has been open for over 100 years though until recently was named Hesser College. With one physical location in Manchester, NH, the school offers associate's and bachelor's degrees in a wide range of programs and has also expanded its national presence via online education programs where students can obtain an associate's or bachelor's degree in business or information technology.
A Mountain of Issues
In April, 2015, Mount Washington College officially announced the impending closure of its doors. As we all remember, Kaplan University (Mount Washington College’s parent company) has been under some serious scrutiny for predatory lending practices. In a 2010 letter to shareholders, Washington Post CEO Donald Graham admits that Kaplan University purposefully targeted poor students in order to avoid violating Department of Education regulations. Those students unfortunate enough to be a part of the closing school are being told they may finish their schooling; online with Kaplan University.
Some tech startups, like GoodbyeLoans.com, work to assist students who’ve experienced issues like this at for-profit colleges like Mount Washington College and Kaplan University with their federal and private student loans. “We understand exactly how hard it can be to cope with looming debts in the face of a struggling economy, and we’ve taken the time to thoroughly examine the systemic options of optimized repayment and/or loan forgiveness, so that you can take the shortest path to moving forward. This is by no means an intention to slander or defame universities like Mount Washington College or Kaplan University in any way. There are enough credible sources that we felt prompted to take action and offer our insights to any student faced with overwhelming debt or institutional injustice.”
STUDENT LOAN FORGIVENESS
What is arguably the national crisis of total student loan debt currently exceeds 1 trillion dollars, according to a report by the Consumer Protection Bureau, and there have been widespread government initiatives to provide the opportunity for partial or total student loan forgiveness, as well as entrepreneurial social movement to provide real expediting services (at affordable prices for all), in the interests of restoring the balance of our economy.
GoodbyeLoans.com is one service that helps students navigate the options and programs offered by the Department of Education, and provides real guidance for pursuing consolidation, reduction, and even total forgiveness of both federal and for-profit student loans.
Because forgiveness applications can be so complex, services like GoodbyeLoans.com provide a badly needed service to the thousands of Americans suffering from crippling, and in some cases unjust, student debt. GoodbyeLoans.com’s core staff are dedicated young entrepreneurs, committed to providing a “smart fix” to this national problem by offering “no-strings” consultations, affordable pricing, and swift resolution. With more solutions-oriented services like GoodbyeLoans.com entering the market place, it will be interesting to see what can be done about the national student loan debt, as well as the current lending practices of colleges like Kaplan University or the closing of Mount Washington University.