Four Chicago area men are accused of bilking federal student loans from Harper College in Palatine, Elgin Community College and Joliet Junior College.
Prosecutors said the men attempted to obtain $240,000 worth of student loans, but were successful in receiving about $135,000 from 40 fraudulent applications.
Anthony Trice, 34, of Chicago; Jerrod L. Weathersby, 36, of Harvey; Warren K. Taylor, 35, of Chicago; and David N. Edwards, of Chicago were all charged in the scheme, according to court records.
The four caused the financial aid checks to be sent to certain addresses in Chicago and Park Forest, then they cashed the checks and used the proceeds for themselves and others, according to court records.
Trice and Weathersby face up to 30 years in prison if convicted on wire fraud charges. Taylor and Edwards both face up to 20 years in prison if convicted of mail fraud charges.