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Regulators extract $192 million student debt settlement from Aequitas


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Sep 30, 2011
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When federal education regulators recognized notorious for-profit Corinthian Colleges was a giant fraud, there was a rush to help students get their debt forgiven.

But Phillip Pranalli and thousands of other former Corinthian students were profoundly unlucky. Their loans were purchased by Aequitas Capital of Lake Oswego, which has steadfastly refused to forgive a dime.

This subset of Corinthian students found themselves thrust from one white-collar scandal to another. On the heels of Corinthian's descent into bankruptcy and liquidation, Aequitas also collapsed in March 2016 amid accusations its top executives were running a $300 million Ponzi scheme.

But even when a court-appointed receiver took charge, Aequitas continued to collect payments on the $188 million in Corinthian debt that remained on its books. Until now.
Regulators extract $192 million student debt settlement from Aequitas

Took long enough and that doesn't cover everyone that got jacked.

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