As we get closer and closer to November, it is probably reasonable to expect that Americans will be hearing a lot about Donald Trumps now defunct Trump University.
The for-profit college was created in 2005 and by 2010 it was shut down due to multiple pending lawsuits. However, in the short time the university operated, Trump hauled in a reported $5 million.
This past week alone we have gotten a preview of what the next few months might look like:
- The Chicago Tribune did a detailed analysis of recently released documents as a result of a pending lawsuit against Donald Trump.
- Rolling Stone shed some light on what working a Trump University was like for one teacher.
- Not surprisingly, Hillary Clinton seized the opportunity, arguing that “Trump and his employees took advantage of vulnerable Americans encouraging them to max out their credit cards, empty their retirement savings, destroy their financial futures, all while making promises they knew were false from the beginning.”
Of particular interest here at the Student Loan Sherpa, the Washington Post shed some light on the Trump University “playbook” and the tactics used to get students to part with their money.
An overarching lesson for anyone interested in college finance is how the primary objective of every employee was to generate money. Educating students was an afterthought.
As Trump University faces more scrutiny and lawsuits mount, lets hope that the methods employed by this particular for-profit institution are brought to light and eventually eliminated across the board.