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The CFPB Thursday sued Corinthian Colleges, Inc., a for-profit educational institution based in Santa Ana, Calif., for alleged predatory lending tactics. 

The Bureau’s suit alleges that Corinthian and its subsidiary schools lured tens of thousands of students to take out high-interest private student loans to cover expensive tuitions costs by advertising false job prospects and career services. The suit further alleges that the school used illegal collection tactics to strong-arm students into paying back the loans while still in school. The aggregate debt under the program is estimated at more than $500 million.

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