BRIEF: Flight school settles with Florida regulators; $17 million in student loans forgiven: Small percentage graduated, dropout rates high

Wed. October 28, 2009; Posted: 06:12 PM

Oct 28, 2009 (Sun Sentinel - McClatchy-Tribune Information Services via COMTEX) -- STU | Quote | Chart | News | PowerRating -- Most Floridians who attended the now-defunct Silver State Helicopters flight school will have the majority of their student loans forgiven under a settlement reached this week with the attorneys general in Florida and 11 other states.

Silver State -- which at its peak had schools in 34 locations, including Fort Lauderdale -- opened in 2002, but six years later ceased operations and declared bankruptcy. Student Loan Xpress, the school's preferred provider, had arranged more than $174 million in loans for more than 2,300 students nationwide.

Records showed that only a small percentage of students graduated and that dropout rates were high, state officials said. The Florida Attorney General's Office received more than 300 complaints after Silver State's bankruptcy filing.

Under the settlement, the majority of the 375 Floridians who were Silver State enrollees will have 75 percent of their loans forgiven by Student Loan Xpress. The others will be granted loan forgiveness at a percentage based on how much course work they completed. The total forgiveness package comes to $17 million for Floridians.

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