October 18, 2023
For-profit Sollers College
, its parent company, Sollers Inc.
, and its founder and president Siba Padhi
have been ordered to cancel $3.4 million
in student debt and pay $1.2 million
in civil penalties for misrepresenting its job placements rates and relationships with prominent companies in order to lure students to the school. Since 2018, Sollers claimed that 90% of its graduates were placed in jobs within 3 months of graduation, when in reality the number was as low as 52%. Sollers also encouraged students into paying tuition with illegal income-sharing agreements, wherein students would pay the school a fixed percentage of their future income for about two years. Nearly 400 students nationwide were affected by this misconduct, with more than 60 of them being residents of New Jersey. NJ AG