http://www.insidehighered.com/news/2014/06/30/corinthians-failure-could-cost-federal-government-12-billion#sthash.nrmB8xBQ.dpbs
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The sad part is that taxpayers funded so much for living stipends that students abused probably supporting their drug or alcohol habits, paying rent to not get evicted, buying food, bail money and so on. These students didn't realistically have plans to get an education. They were sold on financial aid as a welfare bonus on top of existing welfare. Forgiving them for this means they will see themselves as victims and will not be held accountable for their reckless behavior. Working taxpayers again suffer.
Correct. Forgive it now and make the tax payers pony up, or forgive it later when the students default and make the tax payers pony up
A billion was only real money to the federal government back in the 1950s.
The mistake is thinking the Feds care. They will just run their cash printing press a few hours OT and make an extra billion.
How much is my stock worth? When I sold my shares it was at .30 and I netted a good chunk of profit for me.
CCi estimates that federal losses could be in excess of $1.2 Billion. How much is your stock worth? “The federal government would be forced to forgive in excess of $1.2 billion in student loans” if Corinthian closes, the company’s legal filing said.