Missouri News: Attorney General Eric Schmitt Announces For-Profit Education Company to Forgo Collecting Loans and Will Change Practices
Settlement will bring $493.7 million in debt relief for CEC students
Jefferson City, MO – Jan. 4, 2018 – For-profit education company Career Education Corp. (CEC) has agreed to reform its recruiting and enrollment practices and forgo collecting about $493.7 million in debts owed by 179,529 students nationally, in a settlement with Missouri and the attorneys general of 48 other jurisdictions.
The Assurance of Voluntary Compliance filed Wednesday caps a five-year investigation. Under the agreement, CEC agrees to forgo any and all efforts to collect amounts owed by former students living in the states participating in the agreement.