A Big Education meltdown in US as Corinthian Colleges Applies for Bankruptcy
Renowned Corinthian colleges filed for official bankruptcy jut after a week of closing its remaining total 28 schools. It is considered as the biggest collapse in terms of higher education in U.S.
Corinthian’s meltdown started last year when US education department simply eliminated its access to official federal student fund. The education organization agreed to sell about half of its 107 school campuses to famous Education Credit Management Company in the month of November amid allegations that it misrepresented grades, job-placement rates and attendance. Here one point should be noted that Corinthian officially received about $1.4 billion as federal student fund or aid in the year of 2013 alone.
The most current closure ended guidance for around 16,000 students as well as spurred the loss of about 2,700 jobs. The prominent Corinthian schools once officially counted up to 74,000 students as well as up to 10,000 employees, as per the legal court documents.
This education organization was ordered on April 17 to shut down enrollments in the city of California where many of its left schools were situated. The company was also officially fined around $30 million by the U.S. Education Department especially for falsifying job placement prices to attract more students at its various business schools in the country.
According to a statement released last month, endeavors to sell its about 150-year old famous Heald College as well as to manage for teach-out associates to allow WyoTech and Everest College students in city California to officially continue their education was unsuccessful.