Helicopter students' loans forgiven

October 27, 2009 6:20:45 PM PDT
There is relief tonight for thousands of students of the Silver State Helicopter School which went bankrupt before they could graduate.

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On Tuesday, Student Loan Xpress agreed to forgive more than a $112 million of loans taken out by Silver State Students since 2005.

As 7 On Your Side reported last year, Silver State shut down all 34 helicopter schools across the country, including this one in Oakland, before students had a chance to get pilot training. They still had to pay back their student loans for tuition-- plus 30 years of interest. James Edwards of San Francisco owed more than a quarter million dollars over the 30-year life of his loan -- without any career to show for it.

"He's still not a pilot and he has to pay, or we have to pay, all this money to the loan company," says Nancy Soldevila, Edwards' mother.

Tuesday, the attorney general in California and 12 other states announced Student Loan Xpress will forgive an average of $46,000 per student.

Student Loan Xpress borrowers with questions about the settlement are asked to contact the settlement administrator in this matter by email, atsettlementquestions@gmail.com.

LINK: ag.ca.gov/newsalerts

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