Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. EDMC ( EDMC) voluntarily de-listed from the NASDAQ last year. At the end of 2014, it brought in about $2.3 million in revenue but posted a loss. The company has been losing students and money over the past few years. Those with questions can call 1-85 or visit the EDMC website. Going forward, EDMC must extend the period when new students can withdraw without incurring any costs.ĮDMC will send out notices to students who are eligible. The break is only available for former students who enrolled between 20 and withdrew within 45 days of their first term, but were still stuck with the bill. "Though we continue to believe the allegations in the cases were without merit, putting these matters behind us returns our focus to educating students," said EDMC President and CEO Mark McEachen.Ībout 80,000 students are eligible for loan relief, which will average $1,370 per student. Related: These grads are crushed by college debt About 90% of EDMC's revenue came from these funds at one time, said Education Secretary Arne Duncan. Attorney Loretta Lynch in a statement.įor-profit colleges in general rely heavily on federal funds from loans and grants its students receive. "Operating essentially as a recruitment mill, EDMC's actions were not only a violation of federal law but also a violation of the trust placed in them by their students - including veterans and working parents - all at taxpayer expense," said U.S. Those students are more likely to default on their loans. The rule is in place to keep colleges from recruiting students who may not be a good fit for its programs. The whistleblower lawsuits alleged that EDMC paid its recruiters based on how many new students they enrolled, which is illegal for schools that accept federal student loans and grants. Related: Corinthian on the hook for $531 million in student loans About 80,000 former students once enrolled in EDMC's Art Institutes, Argosy University, Brown Mackie College, or South University are eligible for loan relief. It owns the Art Institutes, as well as schools that operate under the names Argosy University, Brown Mackie College, and South University.
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EDMC operates a network of 110 schools in the U.S.