One reason higher education is expensive is because of for-profits like Corinthian. Their students suffer tremendous debt for dubious degrees. From MainST.
Corinthian Colleges, the embattled California-based for profit college, will shutter the last of its remaining campuses today.
Corinthian, which completed a deal in February to sell 56 of its campuses to ECMC Group, a Minnesota-based student loan debt collector, is closing its 13 remaining Everest and WyoTech campuses in California along with 12 Heald College locations in California, Hawaii and Oregon. Everest College Phoenix, Everest Online Tempe in Arizona and the Everest Institute in New York will also shut down.
Senator Dick Durbin (D-Ill.) noted that until he learned of the shutdown on Sunday, Corinthian's remaining schools continued to receive aid from the federal government through the Title IV federal education program. Durbin remains concerned about Corinthian students with millions of dollar in loans, which he and other student advocates say should be written off.
“Finally, we see the end of this rotten company, but there are still thousands of students who may never see the end of the damage Corinthian has caused if the Department of Education doesn’t move quickly to provide some relief,” said Durbin. “I am calling on the Department of Education to reach out directly to students impacted by the Corinthian closings and provide them with information on how they can receive a discharge of their Federal student loans. These students shouldn’t be on the hook for the debt they were misled into taking on.”