The Sorry Legacy of the For-Profit College Boom
Last year, I met fifteen former students and graduates of Corinthian Colleges who had taken a remarkable action to protest the collection of their student debt. Corinthian, a for-profit institution that was, at the time, facing a financial meltdown and several lawsuits over alleged fraud in its recruitment process, had recently started shutting down or selling off its campuses. The students, calling themselves the Corinthian Fifteen, had organized a “debt strike,” refusing to repay their student loans even at the risk of going into default. Their argument was that the Department of Education shouldn’t collect on loans that students were misled into incurring, especially since they earned a degree that was all but worthless or, in some cases, found that their college had shut down before they could graduate.