Skip to comments.Feds accuse Newport man of using school loans on drugs, motorcycles, games and tattoos
Posted on 09/27/2012 3:53:37 PM PDT by george76
Robert Thomas Price Jr. borrowed about $105,000 for his tuition at Harrisburg Area Community College from 2005 and 2007...
A U.S. Middle District Court indictment alleges that Price spent much of the loan money on crack cocaine, cars, motorcycles, jewelry, tattoos and video games.
U.S. Attorney Peter J. Smith said today that Price secured about $92,000 in private student loans and around $13,000 in federal PELL grants and Stafford loans
Tuition for 12 credits of study at HACC currently costs $2,022 per semester ...
(Excerpt) Read more at pennlive.com ...
To paraphrase Peggy Joseph, “Obama gonna pay my loans”.
Still less criminal than sinking into a Journalism degree from Columbia. Better chance he can pay it back too.
A much better investment than a sociology degree.
...so if I borrow money for an overpriced house, I will GO TO JAIL for it, if the (idiot) lender loses his shirt?
Sorry, but I think things are a bit backwards here.
Who in there right mind lends $100,000 for community college for 3 years... Comm college can’t be more than 6 grand a year..... Makes you wonder that these companies are intentionally putting these kids into rock... What the reason is you got me... But you better believe that the folks who made these loans never expected these loans to be paid back... Well atleast by the people who took them out
Since when is tuition for a community college that high??? This lender needs to be investigated.
Should have paid for these items with his EBT card.
HACC is not that expensive. A lot of the local kids use it for the first two years. My sons both used it and didn’t borrow any money to attend. They worked and paid it as they went along. I have no idea how he wracked up that much in debt.
Oct 25, 2011
The Administration is moving forward with a new Pay As You Earn proposal that will reduce monthly payments for more than one and a half million current college students and borrowers. Starting in 2014, borrowers will be able to reduce their monthly student loan payments to 10 percent of their discretionary income. But President Obama realizes that many students need relief sooner than that. The new Pay As You Earn proposal will allow about 1.6 million students the ability to cap their loan payments at 10 percent starting next year, and the plan will forgive the balance of their debt after 20 years of payments. Additionally, starting this January an estimated 6 million students and recent college graduates will be able to consolidate their loans and reduce their interest rates. ...
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Robert Thomas Price Jr., 45, of Newport, conspired with his former wife, a former employee of Harrisburg Area Community College, to apply for approximately $92,000 in private student loans and approximately $13,000 in federal student PELL grants and Stafford loans between 2005 and 2007, according to U.S. Attorney Peter J. Smith.