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$500 Million Lawsuit.pdf

201409_cfpb_complaint_corinthian.pdf
Preview of $500 million lawsuit
🔗 Source: files.consumerfinance.gov
📊 Size: 163 KB
📄 Pages: 39 pages
⬇️ Downloads: 154

Summary

The Consumer Financial Protection Bureau (CFPB) filed a complaint against Corinthian Colleges, Inc., alleging that the for-profit school deceived students into taking out private student loans by misrepresenting job placement statistics and career services. Corinthian's business model relied on convincing students to obtain financial aid to pay high tuition costs, and the company aggressively recruited students with low self-esteem and limited financial understanding. The CFPB claims that Corinthian induced students to take out nearly 130,000 private student loans, totaling over $568 million, with more than 60% of students defaulting on their loans within three years. The complaint seeks to stop Corinthian's deceptive practices and provide relief to affected students.

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Description

The Consumer Financial Protection Bureau (CFPB) filed a complaint against Corinthian Colleges, Inc., alleging that the for-profit school deceived students into...

Technical Information

  • File Format: PDF
  • File Size: 163 KB
  • Pages: 39
  • Language: EN
  • Total Downloads: 154
  • Last Updated: 1 month ago

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