Corinthian College is closing down 28 schools two weeks after the federal government levied a fine of $30 million for various charges. Some Miami Herald article tweets of reaction blamed the school, and others were from students expressing anguish as they had expected to graduate soon.
One student hoped for forgiveness for the loans. Of course that would be the federal government backed loans for education that they pour out like ocean currents into this kind of thing.
Obama promised relief for students but how much do you want to bet these students don’t get anything from them?
One quoted tweet made a poignant point. “Any college – for-profit #CorinthianCollege or nonprofit – going broke shows that the market for grads now is dead, and college not worth it.”
The economy is busted, the job market for these students has plummeted from happier days, and the federal loan sharks are blaming private institutions. Government-owned colleges have not so rough a time because legislatures are all too happy to steal more from their “constituents”, and that includes the Ivy League schools who get their lions’ share of both student loans and research grants. Just keep preaching the value of this government and indoctrinate the students into how much we need a Ruling Regime to protect us from all evil.
The economy is busted, the national treasury is busted, the Federal Reserve has no more tools to fix anything, and it is pushing,
And note this one salient fact. The attorney general in the state that was being hardest on this school, California, refused to sign any release for potential buyers of Heald College that would have given the students a chance to continue studies. They still could have gone after the former ownership.
That shows that all cries for government intervention, including the initial cries for governments to guarantee loans or even make the loans themselves, are vanishing whispers of mist in the morning breeze.
Legislators are very good at getting into debts that some future legislators have to deal with and that steal the hard-earned living out from under their serfs that pay for the government perks.