US Senator Dick Durbin calls college student loan debt a crisis and is proposing legislation to help curb some of the activities of online universities that promise more than they can deliver.
Durbin points to some for-profit schools as a concern.
“Student loan debt has now surpassed credit card debt. It is now $1.2 trillion dollars. It is only surpassed by mortgage debt in America,” says Durbin.
He points to Corinthian University as an example of shady education institutions.
“I have heard too many heartbreaking stories of Illinois students, often low-income who thought they were doing the right thing. But, they end up finding their credits don’t transfer to other schools.”
Durbin is asking the president for more oversight of examining the financial intergrity of the schools…especially those that receive some federal funding.