Corinthian Colleges Demise
As you may have heard, Corinthian Colleges Inc. has closed its doors after years of scrutiny and investigations by the government.Â The for profit company comprised Everest, Heald and WyoTech colleges, and wasÂ been unable to answer for the multitude of charges brought against them.
Once one of the biggest for-profit college chains, the Corinthian Colleges collapsed shortly before fall 2014 due to the federal government cutting off funding as investigations into falsified data persisted. This created a shortage in funds and an inability to procure new investors. As a result Corinthian sold most of its schools to a nonprofit student loan company, however, due to an ongoing investigation by the Department of Education and a litigation with California Attorney General Kamala D. Harris, Corinthian was prevented from selling more than 24 campuses in the western states. In 2015 the college was fined $30 million by the U.S. Department of Education for misleading students and loan agencies about the prospects for graduates to find jobs.
As Corinthian is being systematically dismantled, it’s been forced to forgive some private student loans it lured students into taking. As part of the deal for Corinthian Colleges to sell half of its campuses to ECMC Group, the CFPB won a battle in seeking a $480 million write off of Corinthians private Genesis loans for student borrowers. This accounts for about 40% of the overall debt for Genesis loan holders.
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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 $1.4 trillion, with an astonishing 7 million Americans currently in default.
Out of this amount, somewhere in the neighborhood of $150 billion is private student loan debt. This is a problem for multiple reasons; private student loans generally have higher interest rates compared to federal student loans, costing more money to pay off. There are fewer repayment options available for private student loans as well.
There are currently many programs available for federal student loans, and now, relief is finally available for private student loan debt as well.