'Chipping Away At My Soul': Insiders Detail The Decline And Fall Of Corinthian's For-Profit College

[applegrove]

'Chipping Away At My Soul': Insiders Detail The Decline And Fall Of Corinthian's For-Profit College Empire

by David Dayen at the Huffington Post

http://www.huffingtonpost.com/2015/06/04/corinthian-colleges-loan-forgiveness_n_7492908.html?utm_hp_ref=politics

"SNIP..............


In lawsuits, official complaints to state and federal regulators, sworn declarations submitted in Corinthian’s bankruptcy proceeding, and conversations with The Huffington Post, dozens of former Corinthian students and several former Corinthian employees said that Corinthian drowned students in debt and sent them off with meaningless diplomas that did not help -- and sometimes even harmed -- their job prospects. It illegally padded job placement statistics and gave students college credit for “externships” at fast-food restaurants. It charged students up to 10 times what a comparable community college degree would cost. More than 1 in 4 Corinthian graduates defaulted on their student loans, according to Education Department data. And for years, the Education Department not only failed to recognize the depths of the abuse, but effectively funded Corinthian’s business model, sending the company billions of dollars in financial aid to help cover students’ bills.

Corinthian’s top executives have denied wrongdoing. “Colleges like ours fill an important role in the broader education system and address a critical need that remains largely unmet by community colleges and other public sector schools,“ said Corinthian CEO Jack Massimino in a statement on the company’s website. ”Overall, our schools did a good job for the students they served.”

Amid the lawsuits and enforcement actions from state and federal regulators, Corinthian filed for bankruptcy in May -- the most spectacular in a series of for-profit college failures. By late April, the company had already sold or closed all its campuses. But students lured in by Corinthian have not received comprehensive loan relief, leaving them as the ultimate victims of the for-profit college bubble.

Now, a growing contingent of former students calling themselves the Corinthian 100 have refused to pay their debts, arguing that they were duped by a predatory lending scheme. Despite support for the debt strike from Democratic lawmakers and advocates, the Education Department has resisted demands for blanket loan relief.



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[shenmue]

1. Before I knew how bad they were, I applied to work there

Now I'm glad I didn't get the job.

[Liberal_in_LA]

2. pressure tactics were so extreme that even the parents would sign up

The parents that accompanied kid on campus tour would be pressured to sign up

[applegrove]

3. I went to a private college when interested in taking design courses for sewing.

I had an interview with an advisor who was kid who was obviously just a temp...and hired for his sales personality. The whole first floor was filled with these twentysomethings who probably all worked on commission. I felt so sorry for the 19 year old students who were walking in there with their dreams. It had nothing to do with the students and their needs.

[Javaman]

4. I guess this story was release prior to the right wing take over of the huffpo...

this is probably one of the last articles to appear of this nature at that site