Lawsuit against Sollers College

What was the reason for the lawsuit against Sollers College?

• Falsely promised employment in the IT sector

• Overcharging students for training programs

• Violating federal Truth in Lending Act

• Engaging in unlawful financing schemes

How much student debt will be forgiven as part of the settlement?

• $1.2 million

• $3.4 million

• $4.6 million

• $10,000 to $15,000

How many students will have their debt erased?

• 60

• 90

• 400

• 600

What was the violation committed by Sollers College and its president?

• Violating the New Jersey Consumer Fraud Act

• Misrepresenting corporate and academic partnerships

• Failing to disclose prepayment penalty terms

• All of the above

What is an Income Share Agreement?

• A payment made by the students upfront

• A guaranteed employment opportunity

• A financing scheme that pushes students into debt

• A settlement agreement with the state

What actions must the college take as part of the settlement?

• Cease collection efforts from affected students

• Issue future Income Share Agreements

• Collect debts from previous agreements

• Contact third-party collection agencies

What is the main message conveyed by the New Jersey Attorney General?

• For-profit schools must comply with laws and regulations

• Students should enroll in expensive training programs

• False claims and promises are acceptable in education

• Financial abuses and fraud are common in colleges