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The US Department of Education reports
The U.S. Department of Education took additional steps [April 14] to protect students and taxpayers and crack down on abuses within the for-profit sector by continuing its enforcement actions against Corinthian Colleges Inc. After a comprehensive review, the U.S. Department of Education has confirmed cases of misrepresentation of job placement rates to current and prospective students in Corinthian's Heald College system. The Department found 947 misstated placement rates and informed the company it is being fined about $30 million.
Specifically, the Department has determined that Heald College's inaccurate or incomplete disclosures were misleading to students; that they overstated the employment prospects of graduates of Heald's programs; and that current and prospective students of Heald could have relied upon that information as they were choosing whether to attend the school. Heald College provided the Department and its accreditors this inaccurate information as well.
The Department has also notified Corinthian it intends to deny Corinthian's pending applications to continue to participate in the Title IV federal student aid programs at its Heald Salinas and Stockton locations. Corinthian has 14 days to respond to the Department's notice, after which the Department will issue its final decision. Moreover, the Department has determined that Heald College is no longer allowed to enroll students and must prepare to help its current students either complete their education or continue it elsewhere.
The "Corinthian 15" debt strikers of February became the Corinthian 100 in late March with students refusing to pay back loans made under fraudulent conditions. Nine states' attorneys general agree that the bad loans should be forgiven.
Cable News Network notes
"Corinthian took advantage of students who were trying to build a better life for themselves and their families" said Massachusetts Attorney General Maura Healey.
[...]Tuition and fees for some of its programs cost more than five times those at other public colleges, according to the [Consumer Financial Protection Bureau]. A bachelor's degree cost up to $75,000 and an associate's was as much as $43,000.
Corinthian was so expensive that many students needed to take out both federal loans and private loans to cover the cost. The college offered its own private loans, which came with interest rates sometimes twice as high as federal loans.
Related:
Federal Crackdown On For-Profit Colleges Claims Its First Victory
Update: Corinthian Colleges Will Sell Half its Campuses to Nonprofit Loan Servicer
(Score: 0) by Anonymous Coward on Saturday April 18 2015, @07:25PM
On the other hand, we *did* bail out the bankers... why would we bail out the bankers and not these people?
(Score: 0) by Anonymous Coward on Saturday April 18 2015, @07:33PM
Mistakes do get made. It was a mistake that that happened. That's why we shouldn't make the same mistake again. If these people are bailed out, then somebody who decides to invest his money by shoving it up his ass, shitting it into the toilet and flushing it away should be compensated. Of course, that would be a stupid thing to do. It's better to stop this idiocy now, even if one mistake has already happened, than it is to perpetuate it by encouraging others to make their own mistakes.
(Score: 0) by Anonymous Coward on Saturday April 18 2015, @07:48PM
Here's a suggestion: what if we take all the money we gave the bankers back and gave it to these people who were preyed upon?
(Score: -1, Troll) by Anonymous Coward on Saturday April 18 2015, @07:53PM
Why the fuck would we do that? So they can waste it getting another shitty, useless education from another sketchy institution?
(Score: 0) by Anonymous Coward on Saturday April 18 2015, @07:57PM
At least, that way the money would return back into the economy instead of the pockets of the 0.01%
(Score: 0) by Anonymous Coward on Saturday April 18 2015, @10:45PM
You're onto something there.
USA.gov could fund education for less than half of what is current being pissed away on this--with identical results.
Just cut out the unnecessary middlemen.
In fact, How The Government Could Make Public College Free For All Students[1] [googleusercontent.com] (orig[1]) [popularresistance.org]
[1] Recommended AdBlock filter to add before clicking the link: ##div.widget
Caveat: The idiot who made Blogspot's page boilerplate made the brilliant choice of using "widget" where he should have used "main-content", so this is not a permanent fix for all things.
-- gewg_
(Score: 0) by Anonymous Coward on Saturday April 18 2015, @10:47PM
Every other attempt at socialism or communism has failed miserably. Why the fuck do you honestly think that applying those failed ideologies to higher education would be any different?
(Score: 0) by Anonymous Coward on Saturday April 18 2015, @11:14PM
I've posted on this topic several times before.
Become less ignorant. [google.com]
-- gewg_
(Score: -1, Troll) by Anonymous Coward on Saturday April 18 2015, @11:17PM
I don't get what you're trying to accomplish here. Why are you linking to a Google Image search for "pierced scrotum"? What do pictures of scrotal piercings have to do with the many flaws of your beloved leftist crackpot ideas?
(Score: 3, Insightful) by hemocyanin on Saturday April 18 2015, @10:05PM
Banksters: committed fraud.
Students: victims of fraud.
We should not bail out people who engage in fraud, and we should bail out fraud victims.
(Score: 0) by Anonymous Coward on Saturday April 18 2015, @10:24PM
The students aren't victims.
Nobody forced them to register at such schools.
Nobody forced them to take out large loans to pay for this schooling.
The students participated in this voluntarily.
You can only become a victim involuntarily.
You can't become a victim when you participate voluntarily in something that brings you harm.
(Score: 4, Informative) by hemocyanin on Saturday April 18 2015, @10:31PM
God, you are stupid. Fraud doesn't have to with "force" as in hold a gun to your head. Fraud means you induce an action a person would otherwise not take, by lying to or misleading that person. This takes the ability to make a choice out of the hands of the victim's hands.
If you can't understand that, YOU need some remedial education, hopefully at a school that isn't going to cheat you.
(Score: 0) by Anonymous Coward on Saturday April 18 2015, @10:40PM
The students may have been willing participants in somebody else's fradulent scheme.
I'm not disputing that.
But they were not victims.
They voluntarily chose to attend these schools, perhaps based on incomplete information.
They voluntarily chose to pay large amounts of money to these schools they chose to voluntarily attend.
They voluntarily chose to take out large loans in order to acquire the large amounts of money they voluntarily gave to these schools.
Nobody forced the students to do anything.
The students acted out of their own free will.
One cannot be a victim when one engages in something voluntarily, even if that something turns out to be harmful.
The students were not victims.
(Score: -1, Flamebait) by Anonymous Coward on Saturday April 18 2015, @10:49PM
You are a very negative person. All I'm seeing out of you is stuff like "You are a total retard." or "God, you are stupid." Maybe you need to find some source of happiness in your life.
(Score: 2) by hemocyanin on Saturday April 18 2015, @11:37PM
There's plenty, but there are also annoyances. Like people incapable of discerning the difference between a choice made through irresponsibility, and one induced by fraud (if what the fraudster said was true, the choice would have been a responsible choice). And this AC here who is laissez-faire-buyer-beware to the most extreme extent possible, is just a prolific idiot. No sense beating about the bush.