Comment on The American dream goes to hell: How scam colleges are shuttering their doors—and leaving students with the bill

The American dream goes to hell: How scam colleges are shuttering their doors—and leaving students with the bill

For years, financial-industry mouthpieces warned of the dangers of strategic default, the idea that if you give homeowners relief on their mortgages, they would simply stop paying to get a better deal. This was a great theory, except for the fact that it never happened in large numbers. But we did just see a giant strategic default over the weekend – from a for-profit college.Corinthian Colleges shut down 30 campuses nationwide on Sunday, abandoning 16,000 students they promised to provide a worthwhile education.

 

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