NEW: Warren Supports Executive Order to Protect Vets from School Scams

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Friday, April 27, 2012

GoLocalWorcester News Team

U.S. Senate Candidate Elizabeth Warren

United States Senate candidate Elizabeth Warren expressed praise today for President Obama’s Executive Order to protect veterans from exploitive practices by educational institutions.

“It is just plain wrong that some for-profit colleges and other educational institutions try to deceive veterans, servicemembers and their families in order to make a quick buck,” Warren said. “President Obama’s actions are critically important to protecting and supporting those who have sacrificed for our country.”

President Obama’s Executive Order was passed to stop institutions from specifically targeting veterans with exploitive practices. These include pursuing veterans with brain injuries and encouraging veterans to take out expensive private loans instead of seeking Federal aid.

The Order requires that the “Know Before You Owe” financial aid form be available at almost 2,000 schools to students who participate in the Defense Department Tuition Assistance Program. It also encourages 6,000 schools to use the financial aid form.

This form explains in clear, simple language how much it costs to attend a particular school, along with what loan and work study options the student would have. It also says how much the student will owe after graduation.

Warren’s idea for a new consumer watchdog agency in Washington led to the formation of the Consumer Financial Protection Bureau in the summer of 2010, and she insists that protecting servicemembers will continue to be a top priority.

“All three of my brothers are vets, and my family’s commitment to veterans runs deep,” Warren said. Unfortunately, some lenders deliberately target veterans, active-duty military, and military families, hoping to trap them in some of the worst deals around.”