We need more of this:
Calling themselves the ‘‘Corinthian 100’’ — named for the troubled Corinthian Colleges, Inc., which operated Everest College, Heald College, and WyoTech before agreeing last summer to sell or close its 100-plus campuses — about 100 current and former students are refusing to pay back their loans, according to the Debt Collective group behind the strike.
They met Tuesday with officials from the Consumer Financial Protection Bureau, an independent government agency that has asked the courts to grant relief to Corinthian students who collectively have taken out more than $500 million in private student loans.
The Education Department is the group’s primary target, because they want the department to discharge their loans. A senior department official is scheduled to attend the meeting.
via Boston Globe
Their common complaint is that the education they got was worthless, and the Education Department had every reason to know that was so when it enabled Corinthian. How likely is it, however, that a Department headed by Arne Duncan would recognize that “for-profit educational institution” is an oxymoron.
There is an easy fix to this problem. Stop subsidizing for-profit schools. If they want to go into the business, fine. (Well, not really fine) They have no god given right to a subsidy. Unfortunately, this country doesn’t do easy fixes. They too often involve diverting the flow of money away from the pockets of the rich, and we wouldn’t want that.
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