Today the Corinthian 15 launched an historic student debt strike!
Sign up for the Corinthian Collective to join the fight against Corinthian and the Department of Education.
Members of the Corinthian Collective can challenge their debts in three ways.
1) ‘Defense to Repayment’ initiative. This involves collecting your information and writing legal claims to loan servicers and the Dept of Ed to demand the cancellation of these debts. This will begin in Spring 2015. Any member of the Corinthian Collective can participate. The Debt Collective will be sending out more information in the coming weeks.
2) Genesis stop payment campaign. We are advising all Genesis debtors that, due to the recent settlement between ECMC and CFPB, it is ok to stop paying your Genesis loans. Genesis will not sue you. We think it is very unlikely that your credit will be hurt if you stop payment. And any money you pay will not be reimbursed should the debts be cancelled in the future. We will support you by challenging these debts and offering legal support to Genesis debtors.
3) Strike. Some Corinthian students are choosing to go public about their decision to stop paying their federal student loans. This decision can be risky, so we want to talk with every student individually about whether this choice makes sense for them. If you want to join the strike, sign on to the Corinthian Collective and check "yes" when asked if you want to join the strike. Someone will contact you.
Corinthian Collective - FAQ
WHAT IS A STRIKE?
A student debt strike is a collective commitment to not pay student loans. The goal of the strike is to join together to put pressure on lenders and the Department of Education to cancel your loans. Corinthian students are in a particularly good position to demand debt relief since their school has been accused of fraud and predatory lending.
IS THERE A LAWSUIT?
No. There is no lawsuit that students can join at this time. When student enrolled in Corinthian they signed an arbitration clause, effectively signing away their right to sue in a court of law.
Don’t get us wrong. Corinthian is facing plenty of legal trouble. If the government agencies win any of their suits against the school, you may get some debt relief. But nothing is certain.
The Debt Collective is working with lawyers on a legal strategy called “Defense to Repayment” that you will be able to get involved in soon. Join the Corinthian Collective in order to participate. As we move forward, we can develop other ways to fight back as well. Check the community forum.
HOW ELSE CAN I SUPPORT THE CAMPAIGN?You can support the strikers by spreading the word about the campaign, getting more current and former Corinthian students to join the the Corinthian Collective, and sharing the images below on social media.
The first two images were made by striker Natasha Hornes!
I support the #Corinthian15 debtcollective.org/studentstrike
The #Corinthian15 is making debt history! debtcollective.org/studentstrike
I support the #Corinthian15! #studentdebtstrike