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It appears that the criminal enterprise that was Corinthian Colleges is finally being made to pay.
The Lovely Harvey got an email today about the discharge of her student loans due to the college's criminal malfeasance.
Discharge of loan. Removal of it from her credit report. Refund of any and all payments made.
Wowsers!
To be clear to the boomers who don't (won't?) understand; this is not related to the big student loan forgiveness that Biden was pushing. This is normal for when a college defrauds its students, the hold up was how damn BIG the department of education let the situation get and how much Corinthians tried to get away with.
It's taken almost two decades to get justice out of this.
Maybe it will make my car insurance go down with a better credit rating coming.
Not to be an editor but maybe, "To be clear to the boomers who don't (won't?) understand;" that might have been, "To be clear to the people who haven't heard of Corinthians College and this situation..."
ReplyDeleteI'm sure I'm not the only person who never heard of this problem - or it was so far from my life and situations that I didn't file it in memory. I would imagine that people of all ages can have that in common.
It's phrased the way it is because even AFTER explaining the entire situation they launch into lectures about how they did things you can no longer do that would have avoided this mess in the first place.
DeleteThings I knew already, but am painfully aware that the people who closed those doors were the self-same boomers who voted for the politicians who set it in stone before I got a chance to vote on it.
Elaborating: There's a group of boomers who think that ANY forgiveness or discharge of a student loan is a moral failing on the part of the borrower. Further all forgiveness and discharge are the result of liberal meddling to pander to voters.
DeleteI don't think that explaining the Corinthian Colleges malfeasance has even once got them to understand how many people took out loans thinking they'd get an education and a better job to find that they'd been told to borrow far more than they needed to. That alone wouldn't be too bad, but they got shut down by the department of ed for predatory lending practices that would have someone with a middle name of 'the' blanching at the callousness of it.
If you didn't already have a good job with your degree, good luck using a CCC degree after the department of ed kills your school! The assumption employers make is that schools are only shut down because they aren't teaching; the don't get that financial aid shenanigans are the reason most get nuked.
I'm glad to hear this. I do think that scam colleges (not just places like Corinthian, but the ones who offer "degrees" online that are useless in the job market, or degrees in uselessness, like Gender Studies) should be held liable for their students' problems with credit and job-hunting. Being scammed, even if you ARE naive and trusting, is NOT A CRIME!
ReplyDeleteNot everyone should go to college.
DeleteMy own parents, and those of my friends, did not push college as imperative.
But as employers increasingly added a 4 yr degree to hiring requirements, the rush was on.
Many employers cared not if the degree was Germaine to the job.
(My wife was in Person, er, I mean Human Resources. When her employer reclassified all jobs, she was passed over for promotion. Even with nigh thirty yrs experience. The new higher - get that, hired off the street for the office my wife would be promoted to - had less than five yrs experience and a BA in childcare or some rot like that. But one had the degree, one did not.
I reckon today that would be for not wearing the right color skin suit.
Because not everyone is cut out for college, but there is that hiring requirement, colleges got onboard with offering crap degrees. That is the case in technical industries too. Commercial aviation for one. Not unusual is a new pilot with a degree in what is modern day underwater basket weaving.
A large part of why so many employers require college degrees is because (in the name of sacred, holy non-discrimination) the courts, in their INFINITE wisdom, forbade employers from setting up aptitude tests for jobs. Seems too many members of politically-favored minorities couldn't pass those tests, and that was discriminatory.
DeleteAngus, so this is your cause, I get it. Just keep in mind not to sound like a broken record. And welcome to the party, pal.
ReplyDeleteI'm a boomer. While I don't necessarily bristle at your blaming my cohort, some explanation is in order. For your benefit, mostly.
Unless it is your full time job keeping tabs on your Congress critter, expect to be blindsided by those scallywags. Even if you do make that your job, you don't attend the dinner parties and 'junkets' and week long retreats, so expect to be blindsided by those two faced lying liars scurrilous dogs.
Because my stints at college and uni were pay as you go, out of my own pocket, I hadn't so much as applied for a loan let alone a FAFSA application. I didn't know of another way.
(I know now that what I and so many others had done were no longer available.)
The first I heard the whinging from younger college students, my natural response was they must be lazy sops. Yes, natural because increasingly what I saw of the younger generation was not less aptitude, but certainly more whinging, even occasionally sloth. The shoe seemed to fit.
Consider my frustration the first time filling out a FAFSA app for daughter to private college. Good God, which circle of hell was responsible for that crap!
(I needn't say a thing about easy financing or predatory lending along with the companion of rapidly rising tuition. You got those covered.)
Over the years I became more aware just how fedgov had manifested its involvement in higher ed. Deleterious and ruinous.
My response to those with student debt now became, How can I help?
My unchanging belief is fedgov in higher ed is how we got Corinthian, Phoenix, and other sleight of hand criminal orgs in higher ed.
There is a time in everyone's life when they say they cannot and will not abide the current state of affairs. Yet often the result is the behemoth continues. That's not from a lack of trying!
Because it is leviathan and a hydra. Too large to push around, far too many parts to corral.
The hope continues. Maybe this time the monster will subdue. Good luck, we're all counting on you. Many of us have not given up, but have ratcheted back. I reckon that does look like failure. There have always been too few in the battle.
Last word, don't blame others before you for having failed where you may still fail.
If you go through the nearly 20 years of archives you're going to find I've made almost every point you make here.
DeleteIf you want a cross section of the boomers I'm ranting at, just hit the general discussion area of any relatively active forum and search for student loan. Ye Gods.
At least you've seen the world has changed since you got your degree, bought your house, etc.
One thing I don't understand that I would like an explanation for:
ReplyDeleteWhy would your car insurance costs depend on your credit score?
Surely the only things that the insurance company should be using to set premiums are the class and value of the asset insured, the related risk profile, and have you paid the premium - I don't understand why your credit score should be of any concern to them.
They claim that people with bad credit engage in more risky behavior than people with good credit.
DeleteWhen you ask them to prove that they say their study is proprietary.
Ah, so calling insurance company execs arseholes IS justified.
Delete