Consumer complaint received 2018-04-02
Product: Student loan — Federal student loan servicing
Issue: Struggling to repay your loan — Problem lowering your monthly payments
Company: AES/PHEAA (TX)

While applying for enrollment and financing for XXXX I feel that the level of education and opportunities it would afford were fundamentally misrepresented. I was told that I would be qualified for jobs for which I did not receive the required skill set. I understand the institute can not guarantee the availability of positions upon graduation, but the type of position I was told I would be qualified for required skills and knowledge that were not provided. 

Part of the promise of the education was job placement services after successful completion. These services were minimal and now no longer exist. Additionally, almost none of the credits received are transferrable to another institution. If I decide to pursue further education and training, I will have to begin from scratch. I believe that this was intentionally misrepresented as they told me upon my initial inquiry that the school was accredited. The information I was provided about the schools accreditation was completely false. 

The recent CFPB case against XXXX is a further blow to the value represented by the training received at XXXX. The findings of the investigation strongly found that XXXX took unreasonable advantage of their students with regards to securing financing. 

I was told, in the presence of my stepfather, that I would qualify for positions whose median salaries were $ XXXX- $ XXXX. Even this far from graduation I have yet to find any jobs with a range close to that within the skill set acquired at XXXX. XXXX misrepresented the success of its graduates by implying that the majority of graduates had received income appropriate jobs within their field, when according to a recent federal investigation, most students are living barely above the poverty level ( myself included ).  XXXX made representations regarding the success of its graduates in job placement through a variety of means. These representations were meant to attract and retain students at XXXX and to induce them to take out aid, including loans, to pay XXXX tuition. 

According to the findings of the CFPB I was intentionally given loans on which I would almost certainly default. The investigation stated XXXX   Business Model Is Based on Convincing Consumers to Take out Student Loans to Pay Its High Cost. IE- they never intended to provide an education worthy of the funds they required, they were in business only to create a profit from loan financing. The institution intentionally targeted lower credit and income students. 

The CFPB case against XXXX is a further blow to the value represented by the training received at XXXX. The fact that they intentionally defrauded students in order to obtain the money from loans, and had acknowledged aggressive tactics led to a judgment that ultimately closed the institution. Now, when reviewing my skills and training a future employer will devalue the minimal education from XXXX because with the press and the investigation the overall opinion of XXXX is that it was a student loan factory and not a place to receive quality education or training. 

I appreciate the steps the CFPB took to save current students. However, those of us with existing loans were left out of any arrangements and now have degrees that have invalidated. Thanks to the suit by the CFPB listing my education and degree is actually a hindrance when applying for jobs. I have been advised by employers that it would look better not to include my degree in my resume.