I pondered all the songs that could be appropriate for this post – ding dong the witch is dead, deadman’s party, celebration time, the list goes on. But in the end, sing what you want, because it appears the death knell is ringing. Corinthian colleges is on its way out.
I posted about this last week, here’s an update worth posting. A recent piece in the New York Times says it all, “Given Corinthian’s track record, its students may very well be better off as a result.”
While some classes will go on long enough to complete, others are closing promptly. For sale signs have already appeared on a few buildings across the country.
The good news is the federal loans should be easy to deal with. There are ways to have them discharged, and if not, affordable payments can be had. The private loans, well, we’ll just have to see what the lenders do.
In other news, it appears ITT is undergoing the same investigation that caused Corinthian to stumble. However, according to the Wall Street Journal, ITT can deal with a 21-day hold without worry.
Interesting times are upon us. Interest rates for federal student loans increased July 1st, for-profit schools are finally feeling the pain from their false advertising, and college affordability has become a political hot point. Solutions are needed to fix this now, or employers won’t be able to afford college graduates because they’ll be a rare thing.
This is fantastic news! The way these for-profit universities have been taking advantage of students and the government is terrible.
It is too bad that the people behind these schools can’t be held personally liable for the damage they have done.