{"id":15422,"date":"2020-07-30T15:00:00","date_gmt":"2020-07-30T19:00:00","guid":{"rendered":"https:\/\/framinghamsource.com\/?p=15422"},"modified":"2020-07-30T15:24:34","modified_gmt":"2020-07-30T19:24:34","slug":"mass-attorney-general-secures-loans-discharges-refunds-for-student-misled-by-online-education-company","status":"publish","type":"post","link":"https:\/\/framinghamsource.com\/index.php\/2020\/07\/30\/mass-attorney-general-secures-loans-discharges-refunds-for-student-misled-by-online-education-company\/","title":{"rendered":"Mass Attorney General Secures Loans Discharges &#038; Refunds For Student Misled by Online Education Company"},"content":{"rendered":"\n<p><strong>The following is a press release from the Massachusetts Attorney General&#8217;s office submitted to SOURCE media.<\/strong><\/p>\n\n\n\n<p>***<\/p>\n\n\n\n<p><strong>[broadstreet zone=&#8221;53230&#8243;]<\/strong><\/p>\n\n\n\n<p>BOSTON\u00a0\u2013 Massachusetts Attorney General Maura Healey announced today, July 30, a Nevada-based debt buyer will discharge hundreds of thousands of dollars of loans made to Massachusetts students to finance expensive and ineffective online study materials and educational services.<\/p>\n\n\n\n<p>Under the terms of an\u00a0assurance of discontinuance, Troy Capital, LLC will discharge approximately $298,000 in loan debt Massachusetts students made in connection with their purchases from The College Network, Inc., a for profit company that provided online study guides and education services to students. <\/p>\n\n\n\n<p>Troy Capital will also provide approximately $70,600 to the Commonwealth to be used to provide additional refunds to certain borrowers, and Troy Capital will request the removal of any negative loan information from the students\u2019 credit reports. The AG\u2019s Office will contact individuals eligible for relief under this settlement.<\/p>\n\n\n\n<p><strong>[broadstreet zone=&#8221;54526&#8243;]<\/strong><\/p>\n\n\n\n<p>\u201cBorrowers who are misled by for-profit education companies should not be buried in debt because of high cost, low quality education services,\u201d said AG Healey. \u201cWith this settlement, Massachusetts students who were harmed will receive the relief they need.\u201d&nbsp;<\/p>\n\n\n\n<p>The AG\u2019s Office alleges that between January 2010 and May 2016, The College Network misled students by representing that its educational materials would help them pass equivalency exams and earn college credit in fields such as nursing and healthcare administration. The company\u2019s salespeople often arranged for students to obtain financing from certain credit unions. In some instances, the credit unions sold the loans to other entities. Troy Capital, a debt buyer, purchased a portfolio of these loans.&nbsp;<\/p>\n\n\n\n<p>The AG\u2019s Office previously reached settlements with two credit unions,\u00a0We Florida Financial\u00a0and\u00a0Southeast Financial Credit Union, which extended credit to The College Network\u2019s consumers, and\u00a0MSW Capital, another debt buyer that purchased a portfolio of The College Network Loans. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"443\" height=\"636\" src=\"https:\/\/framinghamsource.com\/wp-content\/uploads\/2020\/07\/source.business.shape_.house_.ad_.fitness.2020.jpg\" alt=\"\" class=\"wp-image-15155\" srcset=\"https:\/\/framinghamsource.com\/wp-content\/uploads\/2020\/07\/source.business.shape_.house_.ad_.fitness.2020.jpg 443w, https:\/\/framinghamsource.com\/wp-content\/uploads\/2020\/07\/source.business.shape_.house_.ad_.fitness.2020-209x300.jpg 209w\" sizes=\"auto, (max-width: 443px) 100vw, 443px\" \/><\/figure>\n\n\n\n<p>To date, AG Healey has secured more than $1.7 million in loan relief for Massachusetts consumers of The College Network. The College Network became insolvent and was administratively dissolved in 2017.<\/p>\n\n\n\n<p>Individuals with questions about this settlement or complaints about The College Network, Inc. may contact the Attorney General\u2019s Student Loan Assistance Unit at 1-888-830-6277 or file a complaint at&nbsp;<a href=\"http:\/\/www.mass.gov\/ago\/studentloans\" target=\"_blank\" rel=\"noreferrer noopener\">www.mass.gov\/ago\/studentloans<\/a>.<\/p>\n\n\n\n<p>This matter is being handled by Assistant Attorney General David Lim of Attorney General Healey\u2019s Insurance and Financial Services Division.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"422\" height=\"527\" src=\"https:\/\/framinghamsource.com\/wp-content\/uploads\/2020\/02\/interns.source.aug_.2019.purple.png\" alt=\"\" class=\"wp-image-499\" srcset=\"https:\/\/framinghamsource.com\/wp-content\/uploads\/2020\/02\/interns.source.aug_.2019.purple.png 422w, https:\/\/framinghamsource.com\/wp-content\/uploads\/2020\/02\/interns.source.aug_.2019.purple-240x300.png 240w\" sizes=\"auto, (max-width: 422px) 100vw, 422px\" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The following is a press release from the Massachusetts Attorney General&#8217;s office submitted to SOURCE media. *** [broadstreet zone=&#8221;53230&#8243;] BOSTON\u00a0\u2013 Massachusetts Attorney General Maura Healey announced today, July 30, a Nevada-based debt buyer will discharge hundreds of thousands of dollars of loans made to Massachusetts students to finance expensive and ineffective online study materials and [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1772,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[55],"tags":[],"class_list":["post-15422","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Mass Attorney General Secures Loans Discharges &amp; 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