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Tougher Regulations and Restrictions for Proprietary Schools and Private Student Loan Lenders
Petition Background (Preamble):
-Proprietary schools charge outrageously high tuition fees for a much poorer quality education than traditional public and private universities, and a degree that often does not benefit their graduates.
-Many proprietary schools hurt their students more than help them, by burdening them with huge student loan debts, with grads only able to land low paying jobs.
-Proprietary schools promise a superior education in exchange for the high cost of tuition and do not deliver on their promise. Many are not respected by other traditional colleges and employers, but they mislead students into believing they are.
-Many proprietary schools do not disclose the non transferability of their credits, and burden students with huge student loan amounts, which are often extremely difficult to pay back.
-Proprietary school recruiters often use unethical business practices; deceiving and misleading students about job placement, acceptance rates, graduation rates, school reputation, quality of education, education costs and the transferability of credits.
-Proprietary schools have much lower graduation rates than traditional public and private universities.
-Graduates of proprietary schools are more likely to default on their student loans.
-Private student loan lenders grant large private student loan amounts with high interest rates to high risk students, attending poor performing proprietary schools with low graduation rates. These students are more at risk to default.
-Private student loan lenders grant no options to graduates who are having financial difficulties and are struggling to stay afloat.
Tougher regulations and restrictions need to be placed on proprietary schools and private student loan lenders. Higher Education is something that should be available and affordable to every citizen of this country.
It should not be exploited by institutions looking only to make a profit; burdening students with a nearly useless degree and so much debt they are unable to lead productive lives.
We wish for these rules to be put in place:
-Regional Accreditation is REQUIRED for all proprietary schools to operate.
-The quality of education must be equal to traditional public and private universities.
-Tuition should be equal to the average salaries of graduates and quality of education.
-Elimination of unethical and deceiving sales tactics.
-Graduation rates must be equal to other public and private universities. No lower than 50%.
-Proprietary schools cannot count any part-time, non-related field(s), and students who found employment on their own in their job placement statistics.
- Should lose accreditation and tougher eligibility for federal aid if school is performing poorly.
-Admissions officers must disclose non-transferability of credits to students during admissions process.
Private Student Loan Lenders
-Cap on interest rates
-Tougher restrictions on providing loans to poor performing schools and high risk students.
-Loans can be discharged in bankruptcy if student is suffering from severe financial hardship.
-Deferment/Forbearance options in times of hardship.
-Cannot garnish wages, social security or disability.
The Tougher Regulations and Restrictions for Proprietary Schools and Private Student Loan Lenders petition to US Department of Education, US Congress, President Barack Obama was written by Tiffany Ching and is in the category Education at GoPetition. Contact author here. Petition tags: tougher regulations and restrictions for proprietary schools and private student loan lenders