The demise of a for-profit college chain is welcomes by U.S. Sen. Dick Durbin. Corinthian Colleges will shut down its remaining 28 campuses across the country, following the lead of its six Illinois schools which closed last year. Durbin says the tens of thousands of students who went to these colleges will benefit from the closures. “They can literally walk away from their credits…and their debt,” Durbin said. “It is the first time this has ever happened on such a large basis.”
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Some students are still on the hook for federal loans used to attend these schools. Several states have asked those loans to be discharged. Durbin has criticized other for-profit colleges for luring students into debt, and in return, offering degrees which employers don’t recognize.