There are, of course, even more serious problems for laid-off faculty. You can read a post at The Faculty Lounge here about their limited severance packages.
In both cases one might wonder if students and faculty failed to take seriously the warning signs of CSL's impending doom. To be fair to them, however, law school management was less than forthcoming and the Obama-administration Department of Education acted more precipitously than at any time in the past. Before CSL, the federal DOE had waited for an accrediting agency to act before pulling the plug on student loans.
All in all, an ugly sight.