Dawn Thompson racked up $155,000 in student loans for a Corinthian College degree that proved worthless. Now she refuses to pay it off.
It's a risky move, but she's not alone. More than 100 of the now-defunct for-profit school's students are taking the same stand. And the government is willing to hear them out.
The "debt strikers" are asking the federal government to forgive their loans because they were ripped off by the school.
On Tuesday, 14 of the strikers were scheduled to meet with reps from the Consumer Financial Protection Bureau and the Department of Education, which has the power to cancel the loans. Officials wouldn't say what the agenda was for the meeting, and it's not uncommon for the CFPB to meet with students struggling to pay off loans.
This is the first time the "debt strikers" have been acknowledged by the government.
"I believe every student from Corinthian College who was lied to should have their loans forgiven so they can to go a real school and get a real degree," she told CNNMoney before Tuesday's meeting.
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15 comments:
What a crock. Arrest them for grand theft, or bury them. Society owes them nothing, and they are too dumb to offer anything to the world.
I agree arrest them.
It's time for the Fed to look at the qualifications of online for-profit colleges to see if the problem is more widespread than anyone believes. Frankly, I don't think that the Department of Education is doing its job, or doesn't have the tools to do them. It's time to make that right.
Obamas plan wipe out ALL loans especially for his peeps.
Next big bubble to explode along with car loans. Debt is too large with no way to pay it back with the lack of good paying jobs out there. I expect my son to be living at home with me for many years after he graduates for college for this very reason. Tuition rates are unreasonable, and the jobs out there don't pay what a degree is worth.
They were trying to get a college degree on the easy.
Probably not good enough to get in to a 'real' school.
This school provided a service - the students got their degree...and the school should be paid for the services rendered.
The fact that the students chose a worthless degree from a worthless school is the student's problem.
Arrest them for false utterance (failed obligation) and throw them in jail!
They are the ones that chose that college! Liberals blame everybody else but themselves!!!
155k in loans and you didnt investigate teh school?
make em pay em back
Anonymous Anonymous said...
Next big bubble to explode along with car loans. Debt is too large with no way to pay it back with the lack of good paying jobs out there. I expect my son to be living at home with me for many years after he graduates for college for this very reason. Tuition rates are unreasonable, and the jobs out there don't pay what a degree is worth.
Just what exactly determines what "a degree is worth"? I believe it is simple economics. If your degree is in a field that is in demand, you will get fairly compensated. If you get a degree in a worthless field, and there are many of those, you will get jack. Too many are getting degrees just to have one, and it is diluting the value. Just because you have a degree does not entitle you to a high 5 figure income like many believe. Do some homework before you choose a major, don't just choose one because it sounds cool. It may be something you love to do, but there may be countless people with the same degree looking for the same job.
I don't get it. I raised a family as the only wage earner and paid my own (nightschool) tuition to earn a Hopkins degree. I didn't earn $150k from my job. I think this is a personal priorities problem.
It is the lenders fault you majored in basket weaving at a no name university? obviously this chick didn't major in ethics.
A degree is worth the money. It is not a ticket for a 6 figure paycheck and it does not mean you know everything. It gives you the tools to begin but you still have to start at the bottom. 22 year olds get out of school and talk to their employers like they know everything. Most entitled group of people I have ever seen. Bloody your knuckles, kids. Get dirty and claw your way up. if you finish school it says a lot about your work ethic. no one will hire you without a degree...most of the workforce has one.
The gimme generation.
Cancel degrees whenever graduates refuse to pay.
This is pathetic! These people need to suck it up and realize they made a bad choice. You can't blame everyone else for your mistakes. I am a young professional in my late twenties. I put myself through school and diligently searched for jobs until I found a career. I make payments on my student loans every single month. Would I like them to be forgiven? ABSOLUTELY!!! However, I chose to take the loans out for an education and its a risk you take. Life is all about making choices and learning from them. Suck it up and pay your bills it's time to be an adult.
And so it begins,first with a few and eventually millions,because there is strength in numbers.The more who refuse to pay off their loans the more difficult it becomes to enforce.Then comes the inevitable bankruptcy forgiveness.That is the only logical outcome.Not a matter of if, but when.
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