Press Play with Madeleine Brand
Who Got Rich Off the $1.3 Billion Student Debt Crisis?
President Obama h as agreed to forgive more than $170 million of debt owed by former students of the for-profit Corinthian Colleges. The company filed for bankruptcy last year. Many students had sued, saying their degrees were worthless, that the colleges weren’t teaching basic courses and many weren’t accredited.
By Madeleine Brand • • 1 min readPresident Obama has agreed to forgive more than $170 million of debt owed by former students of the for-profit Corinthian Colleges. The company filed for bankruptcy last year. Many students had sued, saying their degrees were worthless, that the colleges weren’t teaching basic courses and many weren’t accredited. Looking at the bigger picture, total student debt in America is $1.3 trillion. With that much money on the line, we know who the losers are – students who either can’t afford to pay the loans back or remain saddled with high debt payments for decades. But who are the winners? Who’s making money off this surge in student debt?
