Monthly Archives : April 2015

Loan Forgiveness Available

corinthian-colleges-closing1Corinthian Colleges Closes Its Door

Corinthian Colleges Closes Its Door

Corinthian Colleges Inc. has now closed its doors. After years of scrutiny and investigations by the government the Corinthian Colleges are closing for good. The for profit company comprised of such colleges as Everest, Heald and WyoTech has been unable to answer for the multitude of charges brought against them. In 2014, the Consumer Financial Protection Bureau sued Corinthian Colleges Inc. for predatory lending practices. In April, 2014 the U.S. Department of Education fined them $30 million for misrepresentation.

Once one of the biggest for-profit college chains, the Corinthian Colleges collapsed shortly before fall 2014 due to the federal government cutting off funding as investigations into falsified data persisted. This created a shortage in funds and an inability to procure new investors. As a result Corinthian sold most of its schools to a nonprofit student loan company, however, due to an ongoing investigation by the Department of Education and a litigation with California Attorney General Kamala D. Harris, Corinthian was prevented from selling more than 24 campuses in the western states.

The company said that it was undergoing negotiations to sell its remaining colleges and to provide a way for students to transfer and continue their education but was unsuccessful due to liability being passed on to the new buyers as well as financial penalties accompanied with it.

Corinthian Colleges inc has “Ceased substantially all operations” though they haven’t filed yet for bankruptcy. The schools close on Monday, April 27th, 2015 and will not reopen. The schools that are closing include 13 Everest and WyoTech campuses and 12 Heald College campuses as well as its online division.

Transferring credits from one post secondary private college to another is generally problematic and rarely does it work. The students are forced to choose one of two options; Apply for federal student loan forgiveness and start over in a new university or try to find a school that will accept their credits. The closure, announced Sunday, April 26th, 2015, was abrupt and not expected for months to come. They effectively gave students and staff one days notice that the colleges will be shut down giving them very little time to prepare for the next step.

If you were affected by the demise of Corinthian Colleges Inc. and believe you may be entitled for federal student loan forgiveness through one of the Department of Education’s forgiveness programs call us today to see if you qualify for forgiveness.

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diplomaslider.jpgCorinthian Colleges Fined for Bogus Job Placement Claims

Corinthian Colleges Fined for Bogus Job Placement Claims

Corinthian Colleges Inc. has been fined $30 million by the U.S. Department of Education, which claims that the for-profit college operator of Everest, Heald, and WyoTech has been falsifying job placement rates to students.

Heald College has campuses in California, Oregon and Hawaii, and the DOE found 947 cases of false job placement rates, including instances where the college paid companies to create temporary jobs for graduates so they could be counted as placements. Some of the jobs lasted only two days. U.S. Under Secretary of Education Mitchell said that Corinthian “violated students’ and taxpayers’ trust,” and failed to provide “clear and accurate information to help students choose which college to attend.”

Corinthian was once among the largest of for-profit higher education operators in the United States, but last June the Department of Education declared it would restrict federal aid to the company over concern that they were falsifying job placement data. Corinthian agreed to sell off most of its schools, a majority of which was sold to a nonprofit student loan servicer last November. Corinthian still owns some of the schools, like Heald, but the Department of Education said that Heald College can no longer enroll new students, and must assist current students finish their education or complete it at a different college.

The fine comes when Corinthian has been seeking buyers for its Heald campuses. Last week, Heald’s president, Eeva Deshon, issued a press release saying the attorney general’s lawsuit was effectively blocking the sale.

Part of the lawsuit includes an injunction that requires buyers to assume potential legal liability at the school.

Hixson, the Corinthian spokesman, said the department’s fine “further threatens Heald’s future” by adding “financial and operational hurdles to prospective buyers.”

While details of this lawsuit are being worked out, Goodbye Loans can help determine if you might qualify for the student loan forgiveness as a result of the lawsuit. And in the meantime, our team of dedicated student advocates will help reduce your monthly cost to the minimum amount possible until such a time that forgiveness may be a possibility.

Goodbye Loans matches thousands of graduates with federal programs that are offered by The Department of Education to consolidate and lower their current Federal student loans. We help you take advantage of the latest regulations put in place by Congress and President Obama and potentially save thousands of dollars. Debt is hard to ignore. When you’re staring down a ballooning credit card balance and fending off insistent phone calls from angry creditors, it can be an all-consuming enemy.

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Corinthian Loan Forgiveness. Student Loan Forgiveness and Debt Relief. Disclaimer: Corinthian Loan Forgiveness is a private company and does not claim to be affiliated with any Federal, State, or Local Government agencies. The Corinthian Loan Forgiveness assists people to obtain Federal Government Student Loan Forgiveness and or Consolidation programs by pre-qualifying, preparing and submitting required documentation on their behalf. People with student loan debt have the legal right to use an attorney or process Federal Student Loan Services documentation on their own behalf.