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Thousands of Corinthian College Students Seeking Loan Forgiveness

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Corinthian College, a for-profit school, has been charged by thousands of its students for lying about job placement rates as well as the success of its programs.

Students are applying to have their federal loans discharged through a defense to repayment claim. This process is rarely used due to its complicated navigation. However, students are up for the challenge. They are confident that they can prove Corinthian Colleges have used illegal and/or deceptive tactics in violation of state law to persuade them to borrow money for college.

The Education Department hired 4 attorneys to review and analyze the 4,140 claims sent in by Corinthian students. So far, a $30 million fine was placed on Corinthian's Heald Colleges in California, Hawaii and Oregon for the dishonesty of job placement rates. Unfortunately, the 1,992 claims tied to these cases have a minimum wait of 3 months before they are resolved.

As of right now, there is no timeline for other claims filed by students from Corinthian's Everest College, WyoTech or Heald schools which are not covered by the current investigation.

"7,815 Corinthian students have applied for loan forgiveness and 3,128 of those applications have been approved as of Aug. 21. Those resolved cases involved about $40 million in federal student loans."

Although the process is slowly beginning to resolve, the headache will continue. Picturing the cost to forgive the debt of all of the eligible borrowers is unimaginable. Since 2010, Corinthian students have borrowed a whopping $3.1 billion in federal loans. Officials say this may take awhile.

We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Source: The Washington Post | Student Debt Relief

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