Student Loan Related

37,000 Corinthian Student Loan Borrowers Get Screwed Under New Plan

Written by Steve Rhode

Great article out by Bloomberg Government really covers how badly former Corinthian College students are getting screwed by the current Department of Education Trump administration.

“Other students who attended Everest and other schools owned by Corinthian College Inc. got a full discharge under the Obama administration. But the Trump administration has crafted a formula that may only deliver partial loan relief. Rincon, who first filed her claim in April 2015, will now be judged under the new formula, which compares similar education programs — based on what the typical graduate earns.”

“It strikes me as an attempt to minimize the amount of relief that will ever go out the door without regard to what kind of education the borrower received or what happened to them,” McCann said.

For Rincon, it was the government that allowed her school to take federal funding and it’s the government that should forgive their loans. After trying unsuccessfully for years to use her degree, Rincon said she now stays at home with her daughter. She is protesting by refusing to pay the approximately $600 a month in loan repayments she owes to the government.

“I feel the government did it because there was too many of us, but that’s not our fault,” she said. “They should have been keeping a better eye on them.”

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Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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