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Common Dreams reports
Corinthian Colleges, the for-profit education system that has come under fire for its predatory student loan schemes, said [April 26] it would shut down all of its 28 remaining campuses, roughly two weeks after the U.S. Department of Education announced it would fine the institution $30 million for misrepresentation regarding job placement rates.
[...]At its peak, the California-based company ran more than 120 colleges across the country with more than 110,000 students.
This final shutdown will displace about 16,000 students.
[...]Students whose campuses are closing may be eligible for closed-school loan discharges, [said Education Undersecretary Ted Mitchell]. "We will do everything we can to ensure that Corinthian makes good on its obligations to students and taxpayers to the extent possible. In addition, we encourage Corinthian students to pursue debt relief with their state".
However, some say that the Department of Education has yet to come through on those promises. As the National Consumer Law Center (NCLC) pointed out in February, the government gave funds to keep Corinthian afloat before it filed for bankruptcy, but gave no such help to the tens of thousands of students who were left without a degree and saddled with debt.
"There's widespread evidence they've engaged in years and years of deceiving students and taxpayers," NCLC attorney Robyn Smith told the Boston Globe at the time. "We're not seeing any relief for the students who've suffered the consequences."
Previous coverage on SoylentNews:
Update: Corinthian Colleges Fined $30M for Fraud
(Score: 3, Insightful) by VLM on Wednesday April 29 2015, @12:19PM
There's a difference? Theoretically or practically?
(Score: 1) by khallow on Wednesday April 29 2015, @01:34PM
(Score: 3, Insightful) by VLM on Wednesday April 29 2015, @03:37PM
Again, is there a difference?
My old local bank got greedy and "invested" in Arizona subprime mortgage loans, and when they went bankrupt they got merged into one of those scummy megabanks that owns a large fraction of the countries banking, I think one of them that got bailed out by the .gov. Holy shit did their fees and charges explode. I moved to a local credit union that I somehow qualified for. Best financial decision of the decade for me, by far.
What you're asking is which middlemen accountants skim off salary commission and fees as they gather money from the general population and hand it over to the rich guys. It doesn't really matter if the name in the lobby is "federal office building" or "citibank" or whatever, the money comes from the same place and goes to the same place. So if it doesn't matter who's doing it...