By: Chiara

In reply to Donna.

This is the complaint from the CFBP on a for-profit college chain. It was filed last week. That’s the Consumer Financial Protection Bureau. That agency was able to reach for-profit colleges only because this chain happened to have a private lending business they controlled.

The practices outlined in this complaint have been going on for years, all the while the USDOE along with Congress was supposedly “regulating” them. They were regulating nothing. These students were brutally ripped off, over YEARS and they will never be able to discharge the debt they took on. Never. There’s no way to discharge it.

Why would they do any better on regulating charter chains? They can’t regulate the for-profit colleges they should have been able to regulate now. They’ll have less federal reach with charter chains, not more.

http://www.consumerfinance.gov/newsroom/cfpb-sues-for-profit-corinthian-colleges-for-predatory-lending-scheme/

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