Post #150661

U.S. Supreme Court won't halt $6 billion student debt settlement The U.S. Supreme Court on Thursday refused to halt a legal settlement that would erase more than $6 billion in debt owed by former students of colleges - many of them for-profit institutions - who have said they were misled by schools about academics and job prospects. The justices turned away a request from three colleges that are challenging a settlement between the U.S. Education Department and borrowers that linked the colleges to claims of "substantial misconduct," an allegation they dispute. Three of the schools identified in the settlement - for-profit Lincoln Educational Services Corp (LINC.O) and American National University Inc as well as nonprofit Everglades College Inc - challenged the agreement after it was approved by a federal judge in California last November. Around 3,500 borrowers entitled to automatic loan discharge under the settlement attended one of the three schools. read more