At the end of an editorial in The New York Times on the Department of Education’s decision to forgive student loans owed to Corinthian Colleges, the Editorial Board wrote:
Critics are already casting this as a windfall for former students. But it is important to remember that this loan money flowed to fraudulent institutions that fleeced people and gave them nothing in return. Congress needs to tighten the standards against which these schools are judged and the rules under which they operate.
Those standards and rules need to include a retreat from the commercialization and corporatization of higher education that has been the hallmark of the past quarter-century of college and university operations. Students were lured to Corinthian (and continue to be lured by its like) by the idea that education is something one can buy. Student loans become an investment against returns in the future. Unfortunately for the…
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