Corinthian 100 to have debt forgiven
The United Stated Department of Education is set to forgive the student loan debt of the Corinthian 100, a group of students who claimed to be financially defrauded by Corinthian Colleges.
The group is made-up of 100 former students who attended colleges under the Corinthian umbrella. Because Corinthian is now defunct and many students were forced to either transfer or just hold the debt, the coalition petitioned the education department to have their loans forgiven.
According to chronicle.com, their wishes were finally grand.
“The department said on Monday that it would discharge the debt of all students who attended one of Corinthian’s shuttered campuses after June 20, 2014, the day when the company essentially wrote its own death sentence by agreeing to transfer ownership of the properties. Other Corinthian students will be eligible for loan forgiveness but to receive it, they must demonstrate that Corinthian violated state law.”
While some students likely feel some sense of relief, many remain angry. Only some students will receive forgiveness, not all. Others who feel that they’ve been defrauded by Corinthian, as state in the Chronicle of Higher Education’s article, will have to prove that the former institution of higher education violated state law.
In essence, prove it to us.
Additionally, the department of education will make the process of proving fraud by colleges and universities easier.
Still–this likely won’t be enough to save every student. While it is great that many received the mercy of the United States Department of Education, the other students who borrowed in good faith with the belief that there would be a good education, a degree, and solid job opportunities on the back end are left hanging.
Giving blanket relief may not be in the department’s best intentions as it would open other doors that should remained closed. But giving special attention to the rest of Corinthian’s former students and giving them extra breathing room to either pay off the debt or taking on the vast majority of the debt is at least one way to help them in the long run.