$105,000 in college loans paid for drugs, feds charge

After collecting $105,000 in student loans and grants, a Pennsylvania man faces federal charges of student loan fraud and mail fraud. Robert Thomas Price Jr., 45, spent the loan money on crack cocaine, cars, motorcycles, jewelry, tattoos and video games.drugs, motorcycles, games and tattoos, the indictment charges. He claimed to be a student at Harrisburg Area Community College from 2005 and 2007.  Tuition for three years of full-time study would have totaled less than $16,000.

U.S. Attorney Peter J. Smith said today that Price secured about $92,000 in private student loans and around $13,000 in federal Pell Grants and Stafford loans. Price was aided in the alleged scam by his ex-wife, a former HACC employee who is not charged or named in the case, Smith said.

If convicted, Price could receive up to 20 years in prison and $250,000 in fines.

 


POSTED BY Joanne Jacobs ON October 2, 2012

Your email is never published nor shared.

Required
Required