Wednesday, March 18, 2015

Former Students of For-Profit College Launch First Debt Strike in U.S. History

Fifteen former students have launched the first-ever student loan debt strike in U.S. history.

The strikers, dubbed the “Corinthian 15” after the now-bankrupt network of for-profit schools they attended, announced the strike with a simple message directed at the Department of Education: “We owe you nothing.”

Last year, Corinthian Colleges, the for-profit chain that includes campuses such as Everest University, announced that it was facing bankruptcy and would shut down. Under federal law, if a student’s school closes, all of their debt is forgiven. But because of the Department of Education’s well-documented botched handling of Corinthian’s bankruptcy, tens of thousands of former students may be left with outstanding, illegitimate debt that they are required to pay off.


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