September 30, 2019

CFPB Probes, Rebukes Controversial College Operator CEHE

The Consumer Financial Protection Bureau (CFPB) is investigating student loan practices at the college chain operator Center for Excellence in Higher Education (CEHE), which already has been facing law enforcement actions by the U.S. Justice Department and the Colorado attorney general. Filings posted on the CFPB website show that the controversial college operator this spring
Continue Reading >>>

January 13, 2016

Rohit Chopra Joins Department of Education


Rohit Chopra, whose principled and determined leadership helped make the Consumer Financial Protection Bureau a strong force in addressing the abuses of predatory for-profit colleges, has joined the U.S. Department of Education as a senior adviser. Chopra is working directly for Under Secretary Ted Mitchell, focusing on protections for students, analysis of financial capacity and
Continue Reading >>>

December 17, 2014

Declaring Corinthian Colleges Too Big To Fail: A Terrible Idea


The U.S. Department of Education has blessed a deal under which a non-profit student debt collection company, Minnesota-based Education Credit Management Corporation (ECMC), will pay $24 million to acquire 56 campuses, operating under the brands Everest and WyoTech, owned by collapsing Corinthian Colleges, one of the most abusive and deceptive for-profit college companies. The terms
Continue Reading >>>

September 16, 2014

Consumer Protector Cordray: Corinthian Colleges Deceived And Bullied Students

Richard Cordray

For a couple of years now, I’ve argued that Corinthian Colleges might be the worst predator of all the big for-profit college companies, a remorseless giant engaged in endless abuses of students who needed career help, not more problems. But now that Corinthian, which was taking in as much as $1.4 billion a year in taxpayer
Continue Reading >>>

March 31, 2014

Quiz: Which For-Profit College Are You?


Time to find out how badly you rip off students and taxpayers.   Read the book here. PARODY. Not affiliated with anyone else’s Feed. This article also appears on Huffington Post.

February 26, 2014

BREAKING: Federal Consumer Agency Sues For-Profit College ITT Tech

The federal Consumer Financial Protection Bureau this morning filed a civil lawsuit against for-profit college company ITT Educational Services, seeking restitution to students allegedly harmed by ITT’s private loan programs, a civil fine, and an injunction against the company.  The CFPB filed its complaint in federal court in Indianapolis, near ITT’s headquarters. UPDATE [1:15 pm]:
Continue Reading >>>

November 18, 2013

Finally, A Chance To Curb the Abuses of For-Profit Colleges

Outside the room where the Department of Education holds its rulemaking sessions. Two of past three Assistant Secretaries for Post-Secondary Education later became lobbyists for for-profit colleges.

This morning, in a packed room on the 8th floor of a K Street building, the U.S. Department of Education resumes talks in pursuit of a “gainful employment” rule aimed at penalizing for-profit colleges that leave students deep in debt and without decent paying jobs. It’s called a “negotiated rulemaking,” bringing together representatives of schools, students,
Continue Reading >>>