Gen Xer gets $112k student loan forgiven after paying off 'worthless degree' for over a decade
Sheila Reed, 57, had $112,000 in student loans forgiven as part of a federal discharge for students at for profit colleges
A Gen-X student has had more than $112,000 of student loans forgiven as part of a government programme to alleviate student loans.
Sheila Reed attended Westwood College, a private for-profit school which she hoped would help her back into higher education.
Previously, Sheila had dropped out of higher education after high school, and was intrigued to see if the programme at Westwood would help her to get into college.
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But despite graduating with a bachelor's degree Sheila said she has never been able to use her degree.
She said that she was repeatedly informed that the education would help her to land a job in law enforcement, but was never able to secure a job.
Speaking to Business Insider, she said: "It was hell. It was really rough. I didn't think I would ever, ever get rid of it. It was depressing at times.
"I can't get into the field I want to get in. And so I felt like I just wasted my time and wasted what money I had."
Westwood shut down in 2016, and a report from the Education Department since claimed that the school had 'routinely misled' would-be students that attending 'would benefit their career prospects and earning potential.'
Sheila found herself saddled with debt so deep she found herself sometimes unable to make payments at all.
However, she had a shock when an unexpected letter arrived saying that all of her debt had been forgiven.
She said: "I was floored. I almost passed out. I kept rereading it and checking who the sender was to confirm it wasn't a scam. I really couldn't believe it."
The debt was forgiven as part of a policy that allows for student debts to be forgiven if the institution the student attended is found guilty of fraud.
Sheila did not even have to file a report herself as she was deemed to be part of a cohort eligible for their debt to be forgiven.
Now, although she is proud of her achievement, Sheila is still regretful that her degree turned out to be 'worthless'.
She said: "Even though it turned out to be a worthless piece of paper, I'm so proud of myself that I graduated, and I graduated with honors, and I did learn a lot about the different law enforcement fields and prison systems and everything."
She added: "So, in that respect, I don't regret it. But financially, I do, and I'm just glad it's over."
Kit Roberts