With the notorious Corinthian College's demise now complete, thousands of students find themselves with massive debt and unresolved questions regarding programs that they now cannot complete.
On April 26, Corinthian suddenly announced
that it would be immediately shuttering its remaining 28 campuses, bringing to a close a year-long fall from a perch as one of the country's largest for-profit career college chains to the most glaring example of an industry rife with problems for failing to deliver on promises of job placement and bright futures with expensive programs.
Corinthian ran chains of for-profit schools, including Everest Institute, Wyotech and Heald College. Last June, the Education Department cut off the schools' main source of income -- federal student aid. The move forced Corinthian to sell or close all but a small group of its campuses. More recently, the government imposed a $30 million fine on the company for allegedly misrepresenting placement rights. And the federal Consumer Financial Protection Bureau is suing the school, seeking $500 million for allegedly steering students into high-interest private loans.
“Corinthian enticed students to enroll in its schools and to take on enormous debt. Their profit model was to cheat their students,” said Sen. Elizabeth Warren (D-Mass.), at a forum following the Corinthian closing, according to a Washington Post report
. “Corinthian was shut down, but what about the tens of thousands of students who were taken in by the lies? They are still paying those loans back.”
Former students may have a basis for seeking discharges on the massive loans that they incurred for programs they now cannot complete, but the process is slow and uncertain. If you are a student with concerns about next steps that you wish to share with attorneys at College Watchdogs, you may do so here
or by calling 877-540-8333.