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ITT Educational Services Inc. Message Board

  • dell4131 dell4131 Aug 22, 2012 9:20 AM Flag

    For-profits private loan defaults @ 70%

    Sallie Mae clearly understood that these private loans were going mostly to subprime borrowers who might not be able to pay them back; in 2007, Senate investigators uncovered internal company documents showing that executives expected a staggering 70 percent of its private student loans at one for-profit school to end in default. Investigators concluded that Sallie Mae viewed these loans as a “marketing expense”—a token sum to be paid in exchange for the chance to gorge on federal funds.

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