By Laura Mandaro

This photo taken July 8, 2014 shows a person walking past an Everest Institute sign in a office building in Silver Spring, Md. (Photo: AP Photo/Jose Luis Magana)
For-profit college provider Corinthian Colleges said Sunday it had ceased nearly all operations and had stopped instruction at its remaining 28 physical campuses.
The decision affects students at its Heald College system, including 10 locations in California, one in Oregon, and one in Hawaii, as well as other campuses under the Everest or WyoTech names in California, Arizona and New York.
The Santa Ana, Calif. based company said it is working to provide continuing educational opportunities for its 16,000 students, but it will depend on regulators and education partners.
The decision follows a July agreement with the U.S. Department of Education to sell or wind down all of its schools after the DOE had placed a temporary hold on Corinthian's access to federal student loan funds over concerns it had allegedly falsified graduates' job placement rates.
Earlier this month, the DOE said a review found hundreds of cases of misrepresentation of job placement rates to current and prospective students in Corinthian's Heald College system. The DOE said it would fine the company $30 million.
The Obama administration, U.S. regulators and state officials have targeted the for-profit college sector with suits and investigations, charging some with aggressively marketing services and high-cost loans to students who couldn't afford to pay them back, particularly given the schools' low graduation rates.
The school operators have said they provide opportunities to career-minded students who otherwise might not get any higher education.
"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," said Jack Massimino, Chief Executive Officer of Corinthian, in a statement. "We made every effort to address regulators' concerns in good faith."
While Corinthian had announced last year it would sell or shut down its more-than 90 physical campuses, Sunday's decision took some students by surprise.
"A lot of us are devastated," Dylan Low, 22, toldThe Los Angeles Times. He had been pursuing a criminal justice associate's degree at Everest College-Ontario, near Los Angeles, and had three more classes to finish before his July graduation, according to the newspaper.
This photo taken July 8, 2014 shows a person walking past an Everest Institute sign in a office building in Silver Spring, Md. (Photo: AP Photo/Jose Luis Magana)
For-profit college provider Corinthian Colleges said Sunday it had ceased nearly all operations and had stopped instruction at its remaining 28 physical campuses.
The decision affects students at its Heald College system, including 10 locations in California, one in Oregon, and one in Hawaii, as well as other campuses under the Everest or WyoTech names in California, Arizona and New York.
The Santa Ana, Calif. based company said it is working to provide continuing educational opportunities for its 16,000 students, but it will depend on regulators and education partners.
The decision follows a July agreement with the U.S. Department of Education to sell or wind down all of its schools after the DOE had placed a temporary hold on Corinthian's access to federal student loan funds over concerns it had allegedly falsified graduates' job placement rates.
Earlier this month, the DOE said a review found hundreds of cases of misrepresentation of job placement rates to current and prospective students in Corinthian's Heald College system. The DOE said it would fine the company $30 million.
The Obama administration, U.S. regulators and state officials have targeted the for-profit college sector with suits and investigations, charging some with aggressively marketing services and high-cost loans to students who couldn't afford to pay them back, particularly given the schools' low graduation rates.
The school operators have said they provide opportunities to career-minded students who otherwise might not get any higher education.
"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," said Jack Massimino, Chief Executive Officer of Corinthian, in a statement. "We made every effort to address regulators' concerns in good faith."
While Corinthian had announced last year it would sell or shut down its more-than 90 physical campuses, Sunday's decision took some students by surprise.
"A lot of us are devastated," Dylan Low, 22, toldThe Los Angeles Times. He had been pursuing a criminal justice associate's degree at Everest College-Ontario, near Los Angeles, and had three more classes to finish before his July graduation, according to the newspaper.






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