Joe Biden has ‘forgiven’ $5.8 billion loans for 560,000 borrowers who were lured by dishonest marketers working on behalf of the Corinthian College – which founded Everest College, a system of for-profit colleges – that didn’t come through. Students signed up without looking at the fine print. The students did or could receive degrees but the promised high salaries didn’t often pan out.
According to the Corinthian Colleges lawsuit, the company was alleged for using deceptive business practices and aggressive advertisement tools (such as overstated job replacement rates and high salaries of postgraduates) to attract students.
IT’S A NEW TAX
It is the single largest loan “forgiveness” of student debt in the history of the Department of Education. So far, Biden has ‘forgiven’ $25 billion in school loans. He calls it debt relief, but it’s actually a tax on all the American taxpayers who now have to pay the loans off. It’s a prelude to his massive loan ‘forgiveness’ plan to buy votes.
Corinthian operated from 1995 to 2015. In 2013, then-California Attorney General Kamala Harris sued Corinthian before carrying out a full investigation. The probe found “comprehensive” wrongdoing carried out against students across the nation. They lied to prospective students about graduation and job placement rates.
The government lawsuits forced what was left of Corinthian into bankruptcy after they sold some of the schools.
On Wednesday, The DOE confirmed that every student with a remaining loan balance at Corinthian is eligible for borrower defense.
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