04.12.2021

Is the commercial higher education system crashing?

Over 3,000 students from the Corinthian College Network have secured the cancellation of their student debt. At the same time, similar applications of thousands more students are currently awaiting consideration by the United States federal government , according to a report from the US Department of Education published on September 3.

The Corinthian College Network was founded in the United States in 1995. Over the years, more than 100 educational institutions located in the United States and Canada have joined it.

Corinthian Colleges, Inc. was involved in a number of investigations and lawsuits, including criminal ones. Its Canadian colleges were closed in February 2015 after their licenses were revoked by Ontario authorities. The chain’s management announced the closure of the remaining Corinthian colleges in the United States in April, and then, just a week later, Corinthian Colleges, Inc. and 24 of its subsidiaries have initiated bankruptcy proceedings.

According to a report from the US Department of Education, 3,128 students have now approved claims for a total student debt of about $ 40 million. At the same time, it is expected that if all student loans related to Corinthian colleges are forgiven , this figure could increase significantly.

By now, the collapse of Corinthian Colleges, Inc. has already become a symbol of fraud in the commercial education system in general and in the American student loan program in particular. Corinthian schools charged exorbitant fees and lied about the employment prospects of their graduates, according to the investigation. However, there have even been cases when students were encouraged to submit false information in order to increase the amount of federal aid received.

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