Students refusing to pay their federal loans wrote to the Dept of Ed

[Chef Ramsay]

Fifteen students are refusing to pay back federal student loans taken out to attend schools owned by Corinthian Colleges, Inc., a network of for-profit colleges located across the US and in Canada.

The students — who refer to themselves as the Corinthian 15 — created a website where they've published a letter they wrote to the Department of Education asking for loan forgiveness.

All 15 also tell their own personal stories on the website.

In the letter, the students identify themselves as "people living paycheck to paycheck, single mothers, and young people just starting out."

They tell the Department, "... We trusted you to ensure that the education system in this country would do so. But Corinthian took advantage of our dreams and targeted us to make a profit. You let it happen, and now you cash in."


Here's the full letter published on their website:

Full letter and more...http://finance.yahoo.com/news/heres-letter-15-students-refusing-154329062.html

On one hand these students willingly participated in this but the govt is guaranteeing loans which allows colleges to keep raising tuition costs because of this. And, the job market is so crap that when these students graduate there's no jobs for many of these fields so former students are stuck worker menial jobs while having to payback loans for educations that got them no where. Tough call.

[pattu1]

There is a moral hazard.
People will be inclined to take student loans, if they feel that there is a chance that these loans may be forgiven in the future.

[username18333]

There is a moral hazard.
People will be inclined to take student loans, if they feel that there is a chance that these loans may be forgiven in the future.

As the O.P. indicated, “[p]eople will be inclined to take student loans” (pattu1) so long as they feel that their life is prospectless therewithout.

[BitMos]

if you have sisters, mother or gfs that can go under the desk, I am sure they will find a solution... welcome to the west.

[Lethn]

Precisely why I didn't even bother going to university the problem isn't just for profit schools, it's the whole education system, it's been a total failure, I could study hard and re-take my GSCEs so I get A's and so on then go to a top university but I'm not fucking naive systems like this are designed to indebt you from the very start and force you into indentured servitude.

There is no job guranteed and waiting for you once you finish university, it's a lie, paper is not what civilisation is founded on, it's knowledge and skill.

[BitCoinNutJob]

Man i wish i never went to university, even though it was a good laugh all the info you need is free online and most of the time its far better to make your own business then work for anyone as a career choice.   Some exceptions ofcourse.

[pattu1]

Man i wish i never went to university, even though it was a good laugh all the info you need is free online and most of the time its far better to make your own business then work for anyone as a career choice.   Some exceptions ofcourse.

I feel the same. Education no longer guarantees a good job. In fact the chances are greater if you have work experience and no education than the other way round.

Education was supposed to hone the skills that you need for a job.
Sadly, colleges are no longer abreast with what's happening in the industry. It is just a money making scheme.