Nearly 5,000 Florida stu­dents could get help from set­tle­ment

South Florida Times - - NATION -

TALLAHASSEE, Fla. - Nearly 5,000 stu­dents from Florida are ex­pected to share in a set­tle­ment that fed­eral reg­u­la­tors and 13 states reached with a stu­dent loan com­pany that au­thor­i­ties al­lege en­gaged in preda­tory lend­ing prac­tices.

The Con­sumer Fi­nan­cial Pro­tec­tion Bureau filed a law­suit and set­tle­ment against Ae­quitas Cap­i­tal Man­age­ment, a pri­vate eq­uity fund that pur­chased or funded $230 mil­lion in loans to stu­dents at Corinthian Col­leges. Corinthian was a pri­vate col­lege that went out of busi­ness in 2015 on al­le­ga­tions of fraud.

Un­der the pro­posed set­tle­ment, Ae­quitas would for­give $183.3 mil­lion in loans or re­duce the size of the loans. Ap­prox­i­mately 41,000 stu­dents na­tion­wide could be el­i­gi­ble for the set­tle­ment.

At­tor­ney Gen­eral Pam Bondi said that Florida's share is ex­pected to be more than $18 mil­lion.

PHOTO COUR­TESY OF FLORIDA AT­TOR­NEY GEN­ERAL

At­tor­ney Gen­eral Pam Bondi

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.