The for-profit Corinthian College was shut down back in 2015 due to misrepresentations, false promises, and other fraudulent activity related to key aspects of the educational program such as admissions criteria, transferability of credits, or job prospects. The way that it works is when a college shuts down for any reason federal loans are forgiven based on an application process and eligibility (aka more red tape) and if you are not eligible oh well. With Corinthian College, 560,000 federal student loan borrowers who attended Corinthian Colleges will be eligible for $5.8 billion in student loan cancellation under the new initiative, according to the Education Department (Forbes).
The first thing to take away from this is no matter the college or university you attend there is never a guarantee. Many people attend higher education with brochures promising high-paying jobs, great alumni associations for good prospects after graduation, and immediate success. The reality is you own your future and what you do with it, is up to you. I went to SUNY Brockport for my undergraduate and Boston University for graduate school and neither once got in the door at any job or organization. I did personal outreach, applied to jobs, and researched every prospect that came across my desk that interested me. The few times I reached out to alumni that had similar careers as me to get advice, I either got no response or got very limited interaction that didn't go past one or two emails. Be your best advocate in anything you are going after in life. It will show in your effort that you are hungry to make a difference in this world.
The second point to take away is to do your research on schools you are looking to attend and don't base your decision on job prospects they are promising you. Compare for-profit and non-profit colleges. Many for-profit colleges are often more expensive, provide less support, and have poor reputations such as Corinthian College, ITT Tech, and Trump University. Prior to online learning becoming more available across the nation, the institutes above provides more remote learning opportunities. Now, many non-profit colleges have expanded their online learning opportunities as well as started to cater some programming to target students that have full-time jobs. The graduate program that I attended at Boston University for non-profit business gave me the ability to attend part-time, all classes were held in the evening and were only once a week, and I was able to hold a full-time job while going to school. This gave me the financial support that I needed to attend while being able to have a big-name school on my resume for job prospects in the future.
The last thing I want you to take away is to realize that the government does not have your back. It took the various people in office seven years to be able to provide loan forgiveness for a school that tried to pass off incorrect job statistics to incoming students, higher-paying fees as a for-profit college, as well lied about what type of credit transfers were going to be available if people wanted to continue their education elsewhere. Find yourself. Know what you need. And go after it with every fiber of your being. As Eminem said, "You can do anything you set your mind to, man."
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