DustinHoward
Junior Member
What is the name of your state (only U.S. law)? MA
In 2010 I made the mistake of enrolling in a culinary arts program at a for-profit (Career Education Corp.) institution in Boston. The whole place was very shady and felt like a sales atmosphere. My time there was short-lived since it became evident that academics were a complete joke. I am currently enrolled at a public university.
My question is about the "retail installment agreement" that I was issued to cover the cost of tuition after Title IV resources. The payment plan (which is no longer offered because of high default rates) has no mention of an interest rate; it only states the "cash price"(6183.00) and the repayment period 37 months.
The monthly bills are 178.00; as I am a full time student, I have called Career Education Corp. and asked for a deferment, which they said was not possible. They did allow me to make $50 payments for 3 months, which is not much help. My latest billing statement states that I have an interest charge, which is funny because they never mentioned anything about interest and never gave me any sort of final disclosure statement. They just said it was a "payment plan" Has anyone had experience dealing with this horrible company?
Also, when I obtained a copy of my credit report this year. There was no sign of this “loan” with any of the three reporting agencies. I can’t find much information about these kinds of loans and FCRA regulations.
In 2010 I made the mistake of enrolling in a culinary arts program at a for-profit (Career Education Corp.) institution in Boston. The whole place was very shady and felt like a sales atmosphere. My time there was short-lived since it became evident that academics were a complete joke. I am currently enrolled at a public university.
My question is about the "retail installment agreement" that I was issued to cover the cost of tuition after Title IV resources. The payment plan (which is no longer offered because of high default rates) has no mention of an interest rate; it only states the "cash price"(6183.00) and the repayment period 37 months.
The monthly bills are 178.00; as I am a full time student, I have called Career Education Corp. and asked for a deferment, which they said was not possible. They did allow me to make $50 payments for 3 months, which is not much help. My latest billing statement states that I have an interest charge, which is funny because they never mentioned anything about interest and never gave me any sort of final disclosure statement. They just said it was a "payment plan" Has anyone had experience dealing with this horrible company?
Also, when I obtained a copy of my credit report this year. There was no sign of this “loan” with any of the three reporting agencies. I can’t find much information about these kinds of loans and FCRA regulations.
Last edited: