COLORADO — $130 million dollars in student loan forgiveness is being distributed by the Biden administration to 7,400 Colorado students who attended the state's locations of CollegeAmerica between January 1, 2006, and July 1, 2020.
CollegeAmerica, Colorado Springs, was estimated to cost a yearly net average of more than $24,000 in 2019 after the application of financial aid, according to Data USA. This is $10,000 more than the average net cost of Colorado State University, Pueblo in 2021.
The school's Center for Excellence in Higher Education was found to have misrepresented information about the salary and employment statistics of graduates, offered programs, and terms of a private loan.
“CollegeAmerica knowingly took advantage of students by luring them into high-priced, low-quality programs with promises of high-earning potential and job placement that it knew were not attainable," said Phil Weiser, Colorado's attorney general in a press release.
A Colorado judge found the school violated state consumer protection and lending laws in August 2020.
During the case appeal, a request was submitted in June 2022 for loan cancellation and a return of money to those who paid the Department of Education in relation to loans provided for attendance to CollegeAmerica.
Those with concerns surrounding this issue or other Colorado-based crimes are encouraged to reach out to the attorney general's office. where there are a number of resources available online.
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