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Dade Medical College files bankruptcy-like petition in court

@MrMikeVasquez

Dade Medical College has filed a court petition to sell its assets — setting in motion a process that could lead to paying some of the money owed to creditors and ex-employees.

It’s the equivalent of a bankruptcy filing, but in state court

Students who attended the school may qualify for some money as well, though students who file a claim will likely end up in the back of the line, getting paid only after secured creditors, government agencies and ex-employees who are owed back wages.

Roughly 2,000 students were displaced by Dade Medical’s sudden closure on Oct. 30 — many left tens of thousands of dollars in debt, with college credits that won’t transfer to traditional colleges.

Additionally, there are students who graduated or dropped out before the closure and who say the college deceived them about the accreditation of its programs, or failed to deliver the quality of education that it promised.

A recent Miami Herald investigation, Higher-Ed Hustle, highlighted how Florida lawmakers have strongly encouraged the growth of for-profit colleges. The Legislature has weakened academic standards, allowed for-profits to access additional state money and stifled the growth of competing public community colleges, which charge much lower tuition.

More here

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