It's Time To Charge Colleges With Fraud And Racketeering

Posted 2012-04-24 11:32
by Karl Denninger
in Education

I'm done with patience on this. We need to see prosecutions and we need them now.

Susan Romano read her son Zach’s financial-aid letter from Drexel University, and her eyes jumped to the line highlighted in yellow: “$13,442 expected payment”for the first year at the $63,000-a-year school.
“At first, I thought it was great,” said Romano, 48, an insurance claims representative from Huntington, Pennsylvania.“The more I read it over and over, the worse it got.”
It turned out the college’s “offered financial aid”included $42,000 in loans to be taken out by the family, including a “suggested” $36,178 in parental borrowing or private loans.
“A loan to me is not financial aid,” Romano said. “It is money I have to pay.”

That's correct.

It's intentionally deceptive and acts for the pecuniary interest of the college and to the detriment of the student and their family, which makes it a fraudulent practice. It is aimed at ordinary people (you), which makes it a violation of consumer protection laws. And it's done in concert by two or more people at the institution and is happening across multiple institutions who are all aware of the deceptive nature of the claims (loans are not "aid") which is the predicate for a Racketeering prosecution.

I'm done. You want to keep screwing our kids, I say "NO." You keep this crap up my answer is that I will make a maximum lawful effort to see your so-called "universities" DESTROYED.

De-funded, de-certified, your degrees treated as toilet paper and your graduate's resumes shredded on sight.

DESTROYED.

GOT IT?

STOP SCREWING OUR YOUNG ADULTS -- THIS IS NOT A REQUEST.

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