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The Collapse of Corinthian College
It feels like it came out of nowhere, even though we all knew it was bound to happen; Corinthian Colleges, not too long ago one of the largest operators of higher education institutions, has officially shut down the remaining campuses in its control. Over 16,000 students currently enrolled at Everest, Heald, and WyoTech were affected by the closure.
On April 9, 2015, Attorney General Kamala Harris sent a letter to the Department of Education urging the federal government to immediately relieve the debt burden of thousands of students who attended Heald College and other Corinthian Colleges, Incorporated campuses. She gave the following statement regarding the closures:
“Corinthian continued to deceive its students to the end. Closure of these campuses should help students get out from under the mountains of debt Corinthian imposed upon them through its lies. Federal and state regulators rightly acted to prevent taxpayer dollars from flowing to Corinthian, which preyed on the educational dreams of vulnerable people such as low-income individuals, single mothers and veterans by misleading students and investors about job placement rates and course offerings. My office will work closely with our state and federal partners to ensure that students get the relief they deserve, providing them with a new path to achieve their educational goals and rebuild their lives.”
Corinthian has been in a widely publicized downfall since last July, when it agreed with the Department of Education to sell or close most of its campuses. Since that time, over 50 campuses have been sold to ECMC. Officials affiliated with Corinthian claim the company has been partaking in advanced negotiations to sell its Heald College branch and to arrange teach-out programs that would allow its Everest College and WyoTech students in California to continue their education.
However, Corinthian says those efforts proved to be unsuccessful due to a number of state and federal investigations into the college. Ultimately, they decided the only remaining option was to close the remaining campuses.
STUDENT LOAN FORGIVENESS
Student loan debt has reached an all-time high, and according to the Consumer Financial Protection Bureau, the total amounts to around $1.2 trillion.
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