Group Makes Debt Disappear, Pays $3.9M Toward For-Profit Students’ Outstanding Private Loans

Group Makes Debt Disappear, Pays $3.9M Toward For-Profit Students’ Outstanding Private Loans

If you’re one of the millions of consumers saddled with hard to repay student loan debt, you’ve probably dreamed of the day when your repayment obligation is finished. While it will take most of us years to reach that fine day, others are finding their student loan debt have been paid in full by a group of strangers. [More]

John Oliver On For-Profit Colleges: You Might As Well Go To Hogwarts

John Oliver On For-Profit Colleges: You Might As Well Go To Hogwarts

What would it look like if you condensed all our hundreds of stories about student loans and for-profit colleges into a profanity-filled, hilarious rant that takes a brief detour to discuss Lyndon Johnson’s scrotum? John Oliver answered that question on Sunday night. [More]

Corinthian Colleges Subpoenaed In Possible Criminal Investigation

Corinthian Colleges Subpoenaed In Possible Criminal Investigation

Corinthian Colleges — the company that operates for-profit college chains like Everest, WyoTech, and Heald — is already under investigation by various state and federal regulators, but the company has disclosed to its investors that it may also be the subject of a criminal probe by federal prosecutors. [More]

Aggressive Recruiting At Military Bases Pays Off: For-Profit Schools Received $1.7B Of Post-9/11 GI Bill Funds

Aggressive Recruiting At Military Bases Pays Off: For-Profit Schools Received $1.7B Of Post-9/11 GI Bill Funds

The Post 9/11 GI Bill aims to further the education of United States servicemembers and their immediate family members, but a new government report reveals that most of those funds are going to further increase the bottomline at for-profit colleges. [More]

Corinthian Colleges Employee: “We Work For The Biggest Scam Company In The World”

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Corinthian Colleges — the operator of for-profit school chains Everest University, WyoTech, and Heald Colleges — is selling off or shutting down campuses as it faces lawsuits and investigations from multiple state and federal agencies. The allegations involve bogus job-placement stats, grade manipulation, and misleading marketing. We recently spoke to several current and former CCI teachers and admissions staffers who confirmed these bad practices and explained that it was all done in pursuit of billions of dollars in federal aid from taxpayers. [More]

Proposed Bill Would Keep Many For-Profit Schools From Targeting Military Servicemembers

Proposed Bill Would Keep Many For-Profit Schools From Targeting Military Servicemembers

Legislation making its way though the Senate could put an end to for-profit marketing campaigns targeting servicemembers and their families by changing the way in which those schools count student aid. [More]

Everest University Campuses Closing; Senator Warns Consumers Not To Enroll

Everest University Campuses Closing; Senator Warns Consumers Not To Enroll

Students at Everest University (also known as Everest College) – one of the schools owned by under-fire for-profit education group Corinthian Colleges Inc. – received some not so comforting news yesterday: their schools are on the chopping block as part of group’s deal with the Department of Education. And that doesn’t come a minute too soon for one legislator who is now warning consumers not to enroll at the campuses. [More]

Corinthian Colleges To Sell Off 85 Campuses; Close 12 Others

Corinthian Colleges To Sell Off 85 Campuses; Close 12 Others

While most of us spent the July 4th weekend relaxing and trying to not think about work or school, the folks at faltering for-profit education company Corinthian Colleges — operators of Everest University, WyoTech, and Heald College — were busy slapping For Sale signs on almost all of their campuses around the country. [More]

The Government Has 1.2 Billion Reasons To Keep Corinthian Colleges Afloat

The Government Has 1.2 Billion Reasons To Keep Corinthian Colleges Afloat

For the last week, we’ve been telling you about the ongoing negotiations between the U.S. Dept. of Education and Corinthian Colleges, the operators of the for-profit Everest University, WyoTech, and Heald College chains, that would sell off some of the schools and wind-down the others. Some people have asked why the government doesn’t just let Corinthian collapse. Part of the reason is that it would leave some 72,000 students in the lurch, but a big motivating factor is that the government could end waving bye-bye to more than $1 billion in student loan debt. [More]

Corinthian’s Plans To Sell Off Heald College Campuses Didn’t Win Over Government

Corinthian’s Plans To Sell Off Heald College Campuses Didn’t Win Over Government

A week ago, beleaguered for-profit college biggie Corinthian — which operates the Everest University, WyoTech, and Heald College chains — confirmed that it would be meeting with the Dept. of Education to discuss its plan to sell off some of its campuses in an attempt to free up student loan money and allow classes to continue while the school is investigated by state and federal regulators for allegations of misleading marketing and questionable loan application processes. The two parties met on Tuesday, but no deal was reached. [More]

Are You A Student At Everest University, WyoTech, Or Heald College? We’d Like To Hear From You

Corinthian operates a number of for-profit schools but is in the process of having to sell off a number of its campuses while federal and state regulators investigate allegations of questionable practices by the company.

Corinthian Colleges, Inc., one of the nation’s largest for-profit education companies — running popular chains of schools like Everest Univeristy, WyoTech, and Heald College — is also in the process of becoming that industry’s biggest collapse, as it works with the Dept. of Education to sort out a plan for selling off a number of its campuses and winding down others. While much has been made about the company’s billions in student loan funding, we haven’t heard much from the students. [More]

Senators Hope To Block New Student Enrollment At For-Profit Corinthian Colleges

Senators Hope To Block New Student Enrollment At For-Profit Corinthian Colleges

Days after the U.S. Dept. of Education brokered a deal with Corinthian Colleges — the operator of for-profit school chains like WyoTech, Heald Colleges, and Everest — that would allow these programs to remain open while it faces numerous state and federal investigations, a dozen Senators have asked the Education Secretary to block continued enrollment at Corinthian-owned schools. [More]

Report: States Have The Power To Rein In For-Profit Colleges, They Just Don’t Use It

Report: States Have The Power To Rein In For-Profit Colleges, They Just Don’t Use It

The for-profit college industry has been widely criticized for spending a disproportionate amount of its money — much of it coming from federal student loans — on marketing while having a dropout and loan default rate that is much higher than non-profit schools. Is it possible to have for-profit schools that aren’t just student loan mills? [More]

Greendale CC

For-Profit Schools Are More Flexible & Convenient Than Community Colleges, But Can Land You In Debt Hell

Whether it’s for financial, academic or personal reasons, a traditional four-year college isn’t in the cards for everyone. Community colleges have long offered the opportunity for people to get started (or restart) their education without having to go into debt, so why have so many Americans recently opted for more expensive for-profit colleges that are regularly criticized for spending more on acquiring students than they do on teaching them? [More]

Your College Education Might Be A Better Investment For Goldman Sachs Than It Is For You

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Americans have always viewed a college education as an investment in a student’s future, but there’s another sort of investment going on behind-the-scenes, and it’s nearly risk free. With access to a revolving door of prospective students and a continuous supply of federal aid, some colleges are turning hopes and dreams into big returns for Goldman Sachs and other investors. [More]

Proposed Rules Take Second Stab At Holding For-Profit Colleges Accountable For Graduate’s Success

Proposed Rules Take Second Stab At Holding For-Profit Colleges Accountable For Graduate’s Success

The Department of Education is making a second attempt to rein in those for-profit colleges that benefit from financial aid to students without providing them the education needed to find gainful employment after graduation. But some consumer advocates say the proposed regulations don’t do enough to help students. [More]

CFPB Sues ITT Tech For Allegedly Exploiting Students, Pushing Predatory Loans

CFPB Sues ITT Tech For Allegedly Exploiting Students, Pushing Predatory Loans

The Consumer Financial Protection Bureau filed a federal lawsuit against a well-known for-profit college chain, alleging the company exploited its students and pushed them into high-cost private student loans that were likely to end in default. [More]

Federal Lawsuit Claims For-Profit College Group Misled Students, Falsified Documents

Federal Lawsuit Claims For-Profit College Group Misled Students, Falsified Documents

We’ve heard horror stories about some for-profit colleges from students: the false promise of gainful employment after completing a short program at the cost of thousands of dollars. Now come claims from former employees about alleged fraud carried out by officials at a for-profit college group thanks to a federal lawsuit. [More]