Each year for-profit colleges receive billions of dollars in Post 9/11 GI Bill benefits by exploiting a loophole in the rules that govern how these institutions collect federal funds. Once again, a group of senators has set out to change the way in which these schools count student aid, this time by urging the Department of Education to take an aggressive stand. [More]
corinthian colleges
California Orders Corinthian Colleges To Stop Enrollment At WyoTech, Everest Campuses
By 4.22.15
The collapse of for-profit education chain Corinthian Colleges – operator of Everest University, Heald College and WyoTech – continued today after a California regulator issued an order requiring the company to cease enrolling new students at its Everest and WyoTech campuses in the state. [More]
Corinthian Colleges Fined $30M Over Falsified Job Placement Rates At Heald College
By 4.15.15
The Department of Education continued its crackdown on deceptive for-profit college practices Tuesday by levying a $30 million fine against embattled Corinthian Colleges Inc. – operator of Everest University, Heald College and WyoTech – over the use of misstated and inaccurate job placement rates to recruit students. [More]
For-Profit College Enrollment Is Down Following Scandals & School Failures
By 3.31.15
With increasing scrutiny from lawmakers, regulators, consumer advocates and the general public, the past five years have been hard on a for-profit college industry that had enjoyed years of happily feeding at the federal student aid trough. There have been changes to schools’ often excessive advertising budgets, damning reports of abuse, and soon-to-be-implemented rules requiring for-profit programs to demonstrate their effectiveness. The fractures in a business model that has attracted some of the biggest names in investment have become more evident, especially when comparing previously robust enrollment numbers with the most recent figures. [More]
Report: Taking For-Profit Colleges Nonprofit Can Generate Hefty Profits For Owners
By 3.3.15
Earlier this year Education Credit Management Corporation bought 56 campuses from embattled for-profit chain Corinthian Colleges Inc. and took the schools to the nonprofit sector. While that conversion was initiated because of the ongoing collapse and financial problems facing CCI, other college chains have dropped the for-profit status seemingly to pick up hefty profits. [More]
Senators Chastise Govt. For Making Money Off Struggling Student Loan Borrowers, Not Offering Enough Relief
By 2.27.15
For several years now the government has offered federal student loan forgiveness programs aimed at helping borrowers to avoid defaulting on their debts. While recent reports have shown that the popularity of the programs has exceeded expectations, a group of six senators say the Department of Education could do more given the billions of dollars in payments it receives from federal loans each year. [More]
Corinthian College’s Canadian Subsidiary Files For Bankruptcy A Week After Campuses Shut Down
By 2.24.15
Less than a week after the Ontario Education Ministry closed 14 Everest College campuses in the province, the Canadian subsidiary of for-profit college operator Corinthian Colleges Inc. announced it had filed for bankruptcy. [More]
Current, Former Corinthian College Students Go On “Debt Strike,” Refuse To Pay Private & Federal Loans
By 2.24.15
With for-profit educator Corinthian Colleges Inc. selling off campuses and closing schools, thousands of Everest, WyoTech, and Heald College students are waiting to learn the fate of the more than $1 billion in private and federal student loan debt used to finance their education. While the Department of Education and the Consumer Financial Protection Bureau have worked to secure deals in which some of that debt will be forgiven, some students are increasing the pressure on such deals by staging a “debt strike.” [More]
Ontario Education Officials Close 14 Everest Campuses Amid Corinthian Colleges’ Downfall
By 2.19.15
If you thought the issues plaguing beleaguered for-profit college operator Corinthian Colleges Inc. didn’t extend beyond the borders of the United States, then you were wrong. Some 2,400 students in Canada are now left to pick up the pieces after the Ministry of Education in Ontario announced it would shut down CCI-operated Everest College campuses in the province. [More]
California Halts Grants For Students At Corinthian’s Heald College Campuses
By 2.17.15
Nearly 4,500 students at California campuses of the for-profit Heald College chain — operated by the beleaguered Corinthian Colleges, Inc. — have been notified they won’t be receiving state grants to help finance their education because school administrators failed to provide financial statements to state regulators.
[More]
Corinthian Colleges Inc. Expected To Be Delisted From Nasdaq Tuesday
By 2.13.15
Embattled for-profit college operator Corinthian Colleges Inc. — the company behind the Everest, WyoTech, and Heald College chains — is set to be delisted from the Nasdaq stock exchange Tuesday after it failed to meet a deadline to file quarterly earnings reports.
ECMC Completes Purchase Of Everest University, WyoTech Campuses
By 2.3.15
Shortly after the Consumer Financial Protection Bureau reported that it secured $480 million in student loan relief for current and former students of embattled Corinthian Colleges Inc., Education Credit Management Corporation – the company seeking to purchase more than 50 campuses from the for-profit giant – announced it had completed the controversial $24 million transaction. [More]
Deal Provides $480 Million In Debt Relief To Current & Former Corinthian Colleges Students
By 2.3.15
When student-loan servicing company Educational Credit Management Corporation revealed it would purchase 56 campuses belonging to embattled for-profit college chain Corinthian Colleges, regulators and consumer advocates began working to ensure that students affected by CCI’s collapse would be protected under the deal. Today, the Consumer Financial Protection Bureau and the U.S. Department of Education announced some students would receive the help they deserve in the way of $480 million in debt relief. [More]
Will New Owner Of Everest University, WyoTech Continue With Old Owner’s Sketchy Practice?
By 1.22.15
When students apply to one of the for-profit schools owned by Corinthian Colleges Inc., they sign away their right to seek any legal action against the company if they’re wronged. Now that CCI is selling off 56 of its Everest and WyoTech campuses, the new owners have a chance to end this anti-consumer practice, but will they? [More]
Consumer Advocates Warn Sale Of Corinthian Campuses To Loan Servicer Company Could Further Hurt Students
By 12.17.14
Nearly a month ago embattled for profit-college group Corinthian Colleges Inc. announced it had found a buyer for 56 of its campuses under the Everest and WyoTech brands. But the proposed $24 million sale to Educational Credit Management Corporation has drawn the ire of consumer advocates for its lack of protections to students and the possibility that all liabilities related to litigation or private student loans carried by CCI would be waived. [More]
Senators Ask Dept. Of Education To Discharge Student Loans For Everest, WyoTech, Heald Students
By 12.10.14
While Corinthian Colleges — the failing for-profit educator behind schools like Everest University, WyoTech, and Heald College — sorts out new owners for most of its properties, several thousand of the schools’ students are left in limbo, unsure of who is responsible for their education — and unsure if that pricey education is worth the huge loans they’ve taken out to pay for it. Yesterday, a group of a dozen U.S. Senators asked the Dept. of Education to consider giving these students a way out of their federal student loans. [More]
Corinthian Sells 56 Everest, WyoTech Campuses To Loan Servicer ECMC In $24M Deal
By 11.20.14
Embattled for-profit college chain Corinthian Colleges, the operator of schools like Everest, Heald and WyoTech, found a buyer for at least half of its campuses in the form of student-loans servicing company Educational Credit Management Corporation (ECMC). [More]
Wisconsin Sues Corinthian Colleges Over Everest’s Job-Placement, Graduation Rate Claims
By 10.27.14
Corinthian Colleges, the for-profit educator behind controversial school chains like Everest and WyoTech, is facing yet another lawsuit. This time, it’s from the state of Wisconsin, which alleges that Everest misrepresented important information, like graduation rates and job-placement stats, in order to lure students in. [More]
