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Old September 17th, 2014, 09:40 AM   #1
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CFPB Accuses Corinthian Colleges Of Cheating Students

CFPB Accuses Corinthian Colleges Of Cheating Students

For-profit education company Corinthian Colleges Inc. misled students into taking out unaffordable loans by falsely advertising job prospects, then used illegal debt collection tactics to force distressed students to pay up, according to a lawsuit filed Tuesday by the U.S. Consumer Financial Protection Bureau.

Corinthian owns Everest Institute, Everest College, WyoTech and Heald colleges, which collectively have more than 70,000 students and annually receive $1.4 billion in federal financial aid. The company is winding down all its operations in an agreement with the U.S. Department of Education.

The CFPB alleges that Corinthian inflated its job placement rates by creating fake companies, defining a "career" as a job that lasted one day with the promise of a second, and by paying employers to temporarily hire its graduates.

After students were deceived into taking out private loans from the company, Corinthian forced them to make good on their debts by pulling them from class, blocking access to academic resources such as school computers, and withholding diplomas, the consumer bureau alleges. One financial aid officer at a Georgia campus was nicknamed the "Grim Reaper" after pulling so many students from classes for past-due debts.

Despite the lawsuit and demands from prominent Senate Democrats, The Department of Education is allowing Corinthian to continue to operate. The department recently allowed the company to access millions of dollars in federal student loans to fund its daily operations, and is permitting the company to enroll new students.
For profit education, like the republican for profit health care insurance, fails the American people every time. DEMAND that this corporations stop and desist from their activities to your Senator and Representative.
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Old September 17th, 2014, 09:43 AM   #2
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How exactly do for profit colleges fail? How are trade schools failures?
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