ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Corinthian College Students: What Do We Do Now?

Updated on June 22, 2014

So if you are an Corinthian College student, there is anywhere from 75,000 to 100,000 of us, you are probably not feeling very excited about who you chose for your college. I am not too excited about who I chose either, I am an “active” student at Everest. I am reading reports that they may not be open on Monday.

I started with Everest 3 years ago and I have completed 49 classes with them towards a Bachelors and I was/am 4 classes from graduating. Well, if the last two weeks of this term is finished, if not I will have 7 classes left. So what in the world are we supposed to do now?

Reports are clear, as well as stock prices, Everest’s parent company is going down. I do not know how quickly this will happen, however when it is announced that they may have close publicly, I suppose the chances are good this will happen. So, if you are like me, you may be freaking out, worried, unsure and a bit on edge. I was especially so, after I read on one article that it was likely no one would take my credits.

Well guys, I talked to an advisor from University of Phoenix last night and they seem willing to take the credits, although I may have to take a few classes that Everest did not have an equivalent for. The worse news is that I have to complete at least 10 classes to get my degree minimum for “residency rules.” So, it may not be all gloom and doom, however this will set me back another 9 months at their current full time load, as well as cost me another 18k, where my degree with Everest was only one more term from completion, around 4k. BIG difference!

So now that I know, all the double work I did was for naught, that time and the next 9-12 months will also be a waste, lets talk about money. Time is irretrievable, however money is not. So there is a big hoopla about getting these loans charged off. Sounds great right? Well, there are some big strings attached and many consequences that need to be taken into account.

First off, you have to make sure you are eligible, I will give you the link at the bottom. And if you have loans through Perkins or the Education department, this can be 100% charged off. Now here is the catch. If you finish your degree at another college, the charge off will be rescinded and you will have to pay it. Also if you go into a comparable educational program (though I can’t find an actually definition on that) you will also have to pay back these loans.

More strings as well, the charge off, say 20,000 dollars, will be considered an INCOME for the tax year in which it is discharged. So in a twenty percent tax bracket, this is going to be 4,000 dollars you will have to pay in taxes! Pretty big string if I do say so myself. This would be a good way to go if you are going to just throw in the towel and give up. Your time is wasted and so is the money that you will pay in taxes. All of this for nothing.

For me, my education will now cost 14,000 dollars more, as well as suck me for another 9 months of my life. So the question is, is it even worth it?

So now, what about the taxpayers that will have to eat the cost of these loans that are discharged? With our policies, the school will not have to pay back these tax payers, or the students for their mistakes. There is no plan or discharge for the excess money that will have to be spent on finishing somewhere else. The company will go bankrupt, so there will not even be a company to sue.

I was hoping to answer questions, although it seems I have probably added more questions instead. What do we do now?

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)