HUFFINGTON POST: Arne Duncan Transcript: Some For-Profit Colleges Have “the Ethics of Payday Lending”

Career College Central Summary:

  • Press Call on Student Borrower Protections, Assistance
  • June 8, 2015
  • 2 p.m. ET
  • Coordinator:          Welcome and thank you for standing by.
  • At this time, all participants will be on a listen-only mode until the Q&A session of today's conference. The time to ask a question, press Star 1 on your touchtone phone and record your name.
  • This call is being recorded. If you have any objections, please disconnect at this time.
  • I would like to turn the call over to Press Secretary of the US Department of Education, Ms. Dorie Nolt. Ma'am, you may begin.
  • Dorie Nolt:            Hi all. Thanks for joining us today. You should have the materials – the fact sheet and a blog from Undersecretary Ted Mitchell already. If you don't have those, please ping me and I'm happy to send them to you. They are also on our Web site.
  • And first we'll hear from Secretary Duncan. Then we'll hear from Undersecretary Mitchell. And then we'll open it up for Q&A. Arne and Ted are on the record, and anybody else on staff who is speaking is on background.
  • Arne?
  • Arne Duncan:        Thanks all of you for taking the time. I'm going to be quick and hand it off to Ted as he and his team have just done extraordinarily hard and important work. But here's a couple of quick thoughts before I give it to him.
  • Obviously, we're here to talk primarily about debt relief for Corinthian College students. And many of you like us have heard stories from students who have simply had a terrible experience at Corinthian. You have to be made of stone not to feel for these students.
  • Students everywhere deserve and need the opportunity to make their lives better through education – to climb the economic ladder. That's exactly what these students tried to do. But a lot of them ended up with huge debts and a degree that meant little to employers, if they got a degree at all. The whole idea of a career college was a farce for them. (Unintelligible) about bad actors (unintelligible) college industry.

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