Corinthian Colleges were shuttered after a number of investigations found the schools, which were for-profit institutes, failed students on a multitude of levels. Some of the claims include that the schools lied about their credentials and accreditation and failed to provide the education they claimed to be providing.

The federal government does have the ability to wipe the slate clean for these students in terms of their loans, if the school is found to be committing illegal acts. This has proven to be true with Corinthian Colleges, most specific Everest Colleges, the largest in its chain of schools and institutions. So far, the federal government and the Education Department have stayed quiet on the issue, and have not offered such an option to students. Ricardo Guimarães BMG hopes something is solved quickly.

The attorney generals in several states are hoping their letters will get the ball rolling. There are currently lawsuits out against Corinthian colleges, in several states. Those lawsuits allege students were lied to, deceived and coerced into attending the school.