Corinthian Colleges will be shutting down the rest of its physical campuses as part of an agreement with the U.S. Department of Education (DOE).
News that Corinthian Colleges would be shutting down its 28 campuses came as a shock to its nearly 16,000 remaining students. The decision to shut down the schools came after the DOE investigated the schools and found incorrect job placement rates for graduate students and high-interest loans that students couldn’t pay off, reports USA Today.
“We believe that we have attempted to do everything within our power to provide a quality education and an opportunity for a better future for our students,” Jack Massimino, CEO of Corinthian Colleges, told USA Today. “We made every effort to address regulators’ concerns in good faith.”
ECMC Group will be acquiring some of Corinthian Colleges campuses. It will also forgive $480 million in debt to distance itself from possible illegal activities conducted by the private college company, reports CNNMoney.
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