The entire venture is being underwritten by the Dept. of Ed. using tax dollars. ECMC has over FIVE BILLION DOLLARS of American tax dollars sitting in an account set up by the DOE. Go back and read the AP article on how the Student Loan Guarantor System with companies like ECMC was set up. They were basically handed billions of dollars by the DOE to help students that were delinquent with their student loans with no rules or regulations on how the money is to be used. ECMC is using the money to run Zenith, pay HUGE salaries to their executives and board members and HUGE bonuses to their employees. With a never ending influx of American tax dollars ECMC can continue to run Zenith Education forever in the red. Zenith Education Group is no different than a for-profit school, except it is not traded on the stock exchange. Instead of private investors it has only one major investor, the United States Federal Government using your tax dollars.
4 replies (most recent on top)
The money was NOT given to the students. ECMC is still using it for every day operations. Where do you think the money is coming from to operate Zenith Education? Some of it is being used for grants to Zenith Education Group students. All that means is ECMC is taking the government money from the account and handing it to Zenith. They're paying themselves with government money. That is exactly why a student loan debt collector should NOT be allowed to operate a school that relies on government student loans. Non-profit my a--, the executives and the board of directors are making a HUGE profit from this scam.
Hey OP, do you enjoy copying and reposting someone else's post? It's 100% true because that is my post word for word.
This is true!!! HOPEFULLY TRUMP WILL DRAIN THE SWAMP.
"ECMC has over FIVE BILLION DOLLARS of American tax dollars sitting in an account set up by the DOE."
NO!
ECMC has over five billion dollars of student loan debt. The students were given the cash.