Forgive Fraudulent Student Loans

student loan debt

Target: Arne Duncan, United States Secretary of Education

Goal: Grant immediate relief to thousands of students targeted with fraudulent student loans by for-profit Corinthian Colleges Inc.

Getting a college education has long been seen as the path to a better future. The loan industry has profited off of students’ aspirations for years, charging interest rates far higher than those available to banks when they borrow from the Federal Reserve. As federal support for education disappears students are left paying more for tuition, going deeper into debt trying to achieve their dreams. Add unscrupulous, for-profit schools into the mix and you have a recipe for disaster.

Corinthian Colleges Inc. operates several for-profit schools and has become a poster child for bad behavior: misleading students with promises of high pay and ease finding employment, preying on students it knew could never repay the predatory loans. Dozens of former students have begun a “debt strike,” refusing to repay Corinthian. The company also faces a federal lawsuit and is under investigation for fraud in several states, writes Common Dreams.

There are protections for students caught up in such schemes. Attorneys general from nine states recently appealed to the Secretary of Education to use these regulations to forgive the loans of thousands of students still in debt to Corinthian. “These cases against Corinthian have unmasked a school that relentlessly pursued potential students, promising jobs and high earnings, and preying on their hopes in an effort to secure federal funds,” they wrote to the Secretary. Several senators have also reached out to the Department of Education on behalf of former Corinthian students.

Call on Secretary of Education Arne Duncan to heed the wise council of the senators and attorneys general and grant immediate loan forgiveness to students targeted with fraudulent loans by Corinthian Colleges Inc.


Dear Secretary Duncan,

Students seeking high-paying careers can be easy targets for shady, for-profit colleges like Corinthian. Fortunately there are federal provisions to protect students from fraudulent and predatory loans.

“Borrowers need only assert that their school violated their state’s law and that the violation played a role in their taking out the student loan,” writes the Huffington Post. Numerous states are investigating Corinthian for this reason. Senate Democrats and attorneys general from nine states have written to you, personally, asking you to intervene. So far, however, you have remained silent.

Such abuse of the federal student loan program is disgraceful, and must be guarded against. Secretary Duncan, I urge you to forgive the student loan debt of the thousands of men and women victimized by Corinthian Colleges.


[Your Name Here]

Photo credit: Images Money via Flickr

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