For-profit Corinthian Colleges likely to shut down

UPI Top Stories |

Corinthian Colleges Inc., one of the biggest for-profit higher education companies in the United States, is preparing to close or sell its institutions.

The company missed a deadline Tuesday to file a plan with the U.S. Education Department. Federal officials said Wednesday the company expects to have the plan ready in a few days.

The government has also freed up $16 million in financial aid and private lenders are allowing Corinthian to use what remains of its $9 million line of credit. Officials say that could allow Corinthian to shut down in an orderly manner.



Corinthian also announced Tuesday it plans to sell Heald College within six months. The company acquired Heald, a 150-year-old commercial business school with campuses in California, Hawaii and Oregon, in 2009.

Corinthian operates more than 100 campuses in the United States and Canada and has 72,000 students.

Kevin Carey, director of education policy at the New America Foundation, said in a New York Times column that Corinthian had the worst record of any for-profit college as measured by tests set by regulations proposed by the Obama administration. Carey said 162 Corinthian programs, 35 percent of the total, failed and another 68, 15 percent, were in the warning zone but not bad enough to receive a failing grade.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
IUNSF iShares S&P/TSX Capped Energy Index ETF Unit 9.47 0.00 0.00 0

Comments

Emerging Growth

Sack Lunch Productions Inc

Sack Lunch Productions Inc is an entertainment company. The Company, through its subsidiaries, is engaged in event management, production service, film production and distribution services.

Private Markets

MyForce, Inc.

As parents, we constantly worry about the safety of our loved ones. The media bombards us with incidents from across the nation school shootings, frequent assaults on campuses, and crimes…

Trustify

Trustify provides trust and safety in both the digital and physical worlds through our vast network of on-demand Private Investigators.By removing the large retainers and high hourly rates that traditional…