Biden et al has (because someone made him king or something?) ‘forgiven’ the debt of Corinthian College students. Which means that the taxpayers just got another $5.6 billion dumped on our debt load.
The Obama administration went after for-profit colleges like they were parents at a school board meeting. Students whined that they were promised jobs that didn’t manifest and blamed the college.
It was found that Corinthian College did inflate the post-graduate employment numbers of its students and they got shut down along with a bunch of others.
Inflating post-graduate employment happens everywhere, not just in for-profit colleges. And so does creating false ‘promises’ of good paying jobs using college rankings and other data points that parents and students look at when considering a college or university.
In April 2022, Rutgers Business school (which is considered to be a not-for-profit) got busted gaming the post-graduate employment rankings (also a huge part of US News and World Reports Best Colleges ranking matrix) by using temp agencies to hire their own graduates into any position available. Temple gamed its ranking and paid out $5.4 million (of its own money) to students who enrolled and said that they were misled by its ranking.
What Corinthian College did and what Rutgers did are essentially the same thing. The only difference is that Rutgers has status and is considered to be a not-for-profit institution. Rutgers preys on rich kids and Corinthian preyed on poor kids.
But taxpayers should not be on the hook for others’ choices. And there’s a boatload of other for-profits they shut down, so this is just the tip of the iceberg.
ht: B
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