While most of us spent the July 4th weekend relaxing and trying to not think about work or school, the folks at faltering for-profit education company Corinthian Colleges — operators of Everest University, WyoTech, and Heald College — were busy slapping For Sale signs on almost all of their campuses around the country.
Okay, so maybe no one from CCI was actually placing those campuses on Craigslist, but the company did reach a deal with the Dept. of Education that will result in the sale of 85 schools and the closure of 12 others during the next six months.
Corinthian, which had been receiving around $1.4 billion a year in funding via federal student loans, is currently being sued or under investigation by numerous state and federal authorities for its recruitment and marketing practices.
When CCI failed to turn over documents related to these investigations, the U.S. Dept. of Education put a hold on its access to loan funds, effectively ringing the death knell for the company.
In late June, CCI and Education announced they had reached a tentative agreement to wind down the company’s operations through the sale of campuses and teach-out programs at campuses that were not sold.
Corinthian Colleges To Sell Off 85 Campuses; Close 12 Others – Consumerist
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