![24ni6is[1].jpg](https://i.imgur.com/gmLYDLb.jpg "24ni6is[1].jpg")
Burlington College announced today that it will close on May 27 after it found itself unable to recover from “the crushing weight of the debt” incurred under Jane O’Meara Sanders, the college’s former president and wife of Bernie Sanders.
At the end of 2010, Ms. Sanders took out $10 million in loans on behalf of Burlington College to purchase a 32-acre swathe of land from the Roman Catholic diocese, which put the land up for sale to help cover the costs of a $17 million sexual-abuse settlement.
Less than a year after leading Burlington College into massive debt, Ms. Sanders resigned, taking with her a $200,000 severance package. By 2014, because of its shaky finances and running deficits, Burlington College found itself placed on probation for two years by the regional accreditation agency.
Catholic parishioners in Vermont have called for an investigation into whether Ms. Sanders committed federal bank fraud by deliberately misrepresenting the amount that the college had secured in fundraising pledges as she sought financing for the land purchase.
As Ms. Sanders pursued financing for the land acquisition, she repeatedly said that Burlington College had received more than $2 million in fundraising commitments and pledges, according to numerous records.
But in fiscal year 2011, Burlington College raised only $279,000—though the college had earlier claimed to have secured $1.2 million in confirmed pledges.
In January, Vermont lawyer Brady Toensing, who is also vice chair of the Vermont Republican Party, wrote a letter on behalf of Catholic parishioners to the U.S. attorney in Vermont, as well as the inspector general of the Federal Deposit Insurance Corporation, seeking a probe into whether Ms. Sanders fraudulently secured the loans.
http://heatst.com/politics/breaking-burlington-college-closes-due-to-crushing-weight-of-debt-acquired-by-jane-sanders/
Money, how does that work?
>>45068
it makes no sense that students and their parents pay higher interest rates for college than they pay for car loans or housing mortgages
>>45077
What does the borrower of a student loan offer the lender as collateral?
Auto loans and mortgages have a large capital good to be repossessed.
>>45116
A lifetime?
>>45123
Indentured servitude?
>>45058
FeelTheBern
>>45130
Feels like it to me.
3rd year self-earning Prelaw student who dropped out because my loan didn't qualify me for the dorms (was aged out also) and was homeless due to shitty roommates; just spoke with Navient about a loan consolidation.
Being saddled with this debt destroyed my credit and it's a pain just to qualify for a rental, let alone pay rent.
And Navient is just doing a waiting game for the next 25 years, hoping I get a better pay or something because I have deferment due to a shitty income...
And whoops, W signed that 2006 bankruptcy bill that prevents Bankruptcy discharge.
So indentured servitude? That's exactly what it is.
>>45204
>>45077
What does this exactly have to do with the college buying land with money it doesn't have? It's only tangentially related. Your posts are about college and money and that's where the similarities stop.
I would be equally on-topic to the source if I said "Damn the parking tickets at my college are too high". Money and college.
And if you're not talking about the /news/ article you're just making a /pol/itical statement.
Ultimately, the college's board decided the purchase was worthwhile and went ahead with it. Jane can't just buy land for no fucking reason, it has to be OKed.
Really they're probably dumping blame on her and her $200k severance package, so they can walk away with their million dollar packages scot-free.
Tbh the college is a joke liberal arts school anyway for spoiled special snowflakes.
>>45221
But it's not relevant to the news story. You answered in a way that was totally off-topic. So take your /pol/ ass back to /pol/
WOW SANDERS IS BAD WITH MONEY I AM SHOCKED
>>45058
Look at the forearms on that beast.
That bitch could knock out most the guys on this site, and 99.9% of the girls. She'd be crackin' fuckin' skulls left and fuckin' right, man. Look at her fists! She'd knock your jaw clean off!
And look at her feet, too, look at her fucking stance, that bitch is ready to take on all comers, she's fucking set, first motherfucker comes in range and she'll grab him by the neck and smash his fucking nose in. That's the opening move.
I'm just sayin' that's a woman who'd show a lot of men how tough they ain't.
>>45237
Even SEM is a joke, it's oversaturated AF and there are no jobs. Don't fall for the SEM meme, go for trades or technician jobs only.
>>45268
looks like they're discussing how they give handjobs
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