Students get stuck with a substandard education and crushing debt, while Rauner and his Wall Street buddies run away with profits
Chicago, IL—(ENEWSPF)—October 20, 2014. This morning the Chicago Reader published a piece outlining how billionaire Bruce Rauner attempts to profit from ripping off college students and taxpayers. Both in his personal and business investments, Rauner has sought to boost his bottom line from for-profit educational companies that hock worthless degrees, charge outrageous tuition rates, and have high student loan default rates. These for-profit companies run schools that take advantage of students here in Illinois.
One company Rauner has a personal stake in, Educational Management Corporation (EDMC), is the subject of a federal lawsuit (which the state of Illinois has joined) over its recruitment practices that allegedly target low-income, minority, and veteran prospective students in order to maximize taxpayer subsidized student loan dollars.
Rauner’s firm also ran a company that charged Illinois students for an unaccredited nursing program. Students who had spent thousands of dollars and hours away from their friends and families and then told their degree would be worthless sued the company. The company, Forefront Education, settled the lawsuit.
“Today’s news demonstrates Rauner’s lip service on education is just a cover for his real agenda: profits,” said Neal Waltmire, Communications Director for Illinois Freedom PAC. “Students get stuck with a substandard education and crushing debt, while Rauner and his Wall Street buddies run away with the hard-earned money of taxpayers and students stuffed in their top hats.”
Source: Illinois Freedom PAC