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# Govt. Erases Some Loan Debt As For-Profit Colleges Decline

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<!-- video src="https://cdn.jwplayer.com/manifests/xbV9oLQf.m3u8" -->
## Video: Govt. Erases Some Loan Debt As For-Profit Colleges Decline

[Watch (HLS stream): Govt. Erases Some Loan Debt As For-Profit Colleges Decline](https://cdn.jwplayer.com/manifests/xbV9oLQf.m3u8) (1:51)

![Govt. Erases Some Loan Debt As For-Profit Colleges Decline](https://cdn.jwplayer.com/v2/media/xbV9oLQf/poster.jpg?width=720)

_Published 2015-06-09. The federal government is forgiving the debt of students who attended now-defunct Corinthian Colleges as for-profit universities' popularity drops._


---

Jul 27, 2023 6:23 PM UTC

---

## More From This Series

[All Videos](https://time.com/video/)

[Bernie Sanders wants to erase all student loan debt](/video/hPmwRsm0/)

### Bernie Sanders wants to erase all student loan debt

[Elizabeth Warren Wants Debt Collectors to Stop Hassling Corinthian College Students](/video/2D1QO9gk/)

### Elizabeth Warren Wants Debt Collectors to Stop Hassling Corinthian College Students

[‘Corinthian 15’ For-Profit Student Loan Debt Protesters Head To Washington](/video/Zz4PsriF/)

### ‘Corinthian 15’ For-Profit Student Loan Debt Protesters Head To Washington

---


## Transcript

The Department of Education handed down a major victory to the students of now defunct Corinthian Colleges. On Monday, Secretary of Education Arne Duncan said the Federal Government will relieve the student load debt of tens of thousands of people who attended any of the school's now shuttered locations. This morning, my office filed suit against Corinthian Colleges. And in what can only be described as a for- profit college predatory scheme. Corinthian Colleges once enrolled more than 70, 000 students across the country in 100 different Different locations. but the for- profit institution had been under scrutiny from federal and state regulators for years.

The final nail in its coffin came when it was fined $ 30 million for exaggerating job placement for graduates, which some say was a form of fraud because it led to students taking on a large amount of debt for an education that wouldn't pay it back. More than 350, 000 students have taken out a loan to attend a [ UNKNOWN ] college since 2010, meaning the government could be biting the bullet on about $ 3. 5 billion in debt. The reputation of [ UNKNOWN ] profit colleges is already hurting, and the troubles at [ UNKNOWN ] colleges haven't helped. The University of Phoenix, the nation's largest [ UNKNOWN ] profit college, Has seen its enrollment cut in half since a 2010 report from the U.

S. Senate. That report outlined a whole host of abuses against students. Including predatory lending, and offering poor academic quality. In fact, consumerist reports all six of the biggest for profit schools listed in that report have seen a decline in numbers over the last five years. On July first the Obama administration will put in place new rules holding for profit universities more accountable for their students' career success. Federal funding could be cut off if those colleges can't show that graduates earn enough to pay off debt.

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