Latest obama bailout. $3.6 billion for students of Corinthian College

[ShootSpeeders]

This is the fault of the damn students. They didn't do their research before giving this school their money. Now the taxpayers have to pay for their stupidity.

Government plans to erase student debt for Corinthian students - TwinCities.com

june 8 2015
The federal government will erase much of the debt of students who attended the now-defunct Corinthian Colleges, officials announced Monday, as part of a new plan that could cost taxpayers as much as $3.6 billion.

Corinthian Colleges was one of the largest for-profit schools when it nearly collapsed last year and became a symbol of fraud in the world of higher education and student loans. According to investigators, Corinthian schools charged exorbitant fees, lied about job prospects for its graduates and, in some cases, encouraged students to lie about their circumstances to get more federal aid.

In a plan orchestrated by the Department of Education, some of the Corinthian schools closed while others were sold before the chain filed for bankruptcy this spring. The biggest question has been what should happen to the debt incurred by students whose schools were sold. The law already provides for debt relief for students of schools that close, so long as they apply within 120 days.

 

[CrusaderFrank]

This is the fault of the damn students. They didn't do their research before giving this school their money. Now the taxpayers have to pay for their stupidity.

Government plans to erase student debt for Corinthian students - TwinCities.com

june 8 2015
The federal government will erase much of the debt of students who attended the now-defunct Corinthian Colleges, officials announced Monday, as part of a new plan that could cost taxpayers as much as $3.6 billion.

Corinthian Colleges was one of the largest for-profit schools when it nearly collapsed last year and became a symbol of fraud in the world of higher education and student loans. According to investigators, Corinthian schools charged exorbitant fees, lied about job prospects for its graduates and, in some cases, encouraged students to lie about their circumstances to get more federal aid.

In a plan orchestrated by the Department of Education, some of the Corinthian schools closed while others were sold before the chain filed for bankruptcy this spring. The biggest question has been what should happen to the debt incurred by students whose schools were sold. The law already provides for debt relief for students of schools that close, so long as they apply within 120 days.

Wow

Free education!

Mo' n betta Gubbamint subsidies for education! What could possibly go wrong?

 

[ShootSpeeders]

This is just another form of welfare. Democrats want everybody loving the govt for "taking care of them".

 

[JakeStarkey]

Huge tuition amounts and exorbitant loan interest is not free education, Charlie.

The government will make the institutions pay the money back. If they default and bankrupt, the government can charge RICO violations, pierce the corporate shield, and go after stockholders.

 

[Claudette]

Nice of them to spend our hard earned tax dollars and then not expect a payback.

No wonder this country is going to hell in a hand basket. Everyone thinks everything is "free" and no one has to pay borrowed money back.

 

[ShootSpeeders]

Huge tuition amounts and exorbitant loan interest is not free education, Charlie.

The government will make the institutions pay the money back. If they default and bankrupt, the government can charge RICO violations, pierce the corporate shield, and go after stockholders.

Read the article, you fool. The company is bankrupt and has folded. This bailout is from the taxpayers.