For former students of Everest College in Illinois, getting relief from your student loan debt may become easier, if some politicians get their wish.
The for-profit school chain Corinthian Colleges had several Illinois campuses, branded as Everest College until the entire chain closed after being fined $30 million for misleading students and loan agencies about their post-graduation job prospects.
The U.S. Department of Education has appointed a special master, Joseph Smith, to oversee the debt relief process for former students. He met with U.S. Sen. Dick Durbin and Illinois Attorney General Lisa Madigan Friday, and Madigan hopes he creates a simple process for Everest students to get out of debt without needing a lawyer's help.
Click here for summary
"We want to make sure there are ways created to discharge for groups of students and not just individual students," Madigan said. "We want to make sure there is complete relief to borrowers regardless of the type of loans that they have."
Right now, Illinois Everest students can't discharge their federal student loans used at the school, all because the state's campuses were technically sold, not closed.
Everest students, some of whom owe more than $100,000, were left with degrees Madigan says are "literally useless," with almost all employers refusing to consider hiring Everest graduates.