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The Federal Trade Commission and the state of New Jersey have reached settlements with a for-profit college they accused of misleading students about their potential job prospects.
Sollers College, in Piscataway, N.J., agreed to cancel $3.4 million in student loan debt and to pay a $1.2 million civil penalty to New Jersey. The agreement prohibits Sollers, in addition to canceling the debt, from issuing income-share agreements to any student for any of its programs.
The FTC and New Jersey officials alleged that Sollers had falsely advertised partnerships with major employers in technology and medical fields, exaggerated the job placement success of its students, and entered into income-share agreements with which students could repay their debts that failed to include many required consumer protections.
