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Corinthian Colleges

February 15, 2024

Corinthian Colleges, Inc. (CCi) was a for-profit post-secondary education company in North America. Its subsidiaries offered career-oriented diploma and degree programs in health care, business, criminal justice, transportation technology and maintenance, construction trades, and information technology.[1] A remnant of the schools was owned by ECMC under the Altierus Career College brand until the last three campuses were closed in 2022. [2]

Corinthian Colleges, Inc.
IndustryEducation
FoundedFebruary 1995 (1995-02)
Founders
  • David Moore
  • Paul St. Pierre
  • Frank McCord
  • Dennis Devereux
  • Lloyd Holland
DefunctApril 27, 2015 (2015-04-27)
FateCeased operations
Areas served
United States, Canada
Website April 27, 2015, at the Wayback Machine

At its peak, CCi operated over one hundred Everest, Heald and WyoTech campuses throughout the United States and Canada.[3] The Los Angeles Times framed Corinthian Colleges as a collection of "castoff" schools that were taken over by Wall Street investors in 1999.[4]

Corinthian closed their campuses in Canada on February 19, 2015, after the Ontario government suspended their operating license. On April 26, 2015, following a series of legal challenges by state and federal agencies, Corinthian Colleges announced that they would cease operations at all remaining United States locations. The closure affected more than sixteen thousand students and employees.[5] Having been extensively investigated for fraudulent behavior by several jurisdictions, Corinthian Colleges, Inc. and twenty-four of its subsidiaries filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware on May 4, 2015.[6] In June 2022, the U.S. Department of Education announced that it would cancel $5.8 billion in federal student loan debt for 560,000 students who attended Corinthian.[7][8]

History edit

Corinthian Colleges was founded in February 1995[9] by David Moore, Paul St. Pierre, Frank McCord, Dennis Devereux, and Lloyd Holland of National Education Centers, Inc., a for-profit operator of vocational schools based in Irvine, California. The company, whose business model was predicated on acquiring schools that were fundamentally sound but performing below their potential,[10] expanded rapidly through acquisitions and organic growth.[9]

Acquired institutes and colleges[11]

Corinthian Colleges faced numerous investigations and lawsuits, including a federal criminal investigation.[14] California Attorney General Kamala Harris alleged that Corinthian Colleges targeted single parents living close to the poverty level, a demographic that its internal documents described as "composed of "isolated," 'impatient,' individuals with 'low self-esteem,' who have 'few people in their lives who care about them' and who are "stuck" and "unable to see and plan well for future," through aggressive and persistent internet and telemarketing campaigns and through television ads on daytime shows like Jerry Springer and Maury Povich."[15]

On July 3, 2014, Corinthian Colleges agreed to execute a shutdown of twelve schools and sell off eighty-five other schools.[16][17] On February 19, 2015, the government of Ontario suspended the company's operation license, resulting in the immediate closure of all Canadian campuses.[18]

In February 2015, the nonprofit Educational Credit Management Corporation took ownership of more than half of Corinthian Colleges campuses, agreeing to forgive student debt on Corinthian College's Genesis loans.[19][20]

On April 26, 2015, Corinthian Colleges announced that they would cease operations at all remaining locations effective April 27, a move affecting more than sixteen thousand students and employees.[21]

On May 4, 2015, Corinthian filed for bankruptcy in Delaware.[22][23]

Schools edit

Everest edit

CCi operated Everest campuses in the United States and Canada, although all US campuses were to be sold or closed beginning on July 3, 2014, leaving only the Canadian campuses under CCi's control.[16][17]

Everest Institute offered diploma programs.[24] Everest College offered diploma and associate degree programs. Everest University offered diploma, associate, bachelor's, and master's degree programs.[24] There were ten Everest University campuses across Florida, which were formerly known as Florida Metropolitan University.[25]

On February 19, 2015, all 14 Everest campuses in Ontario, Canada were shut down. 2300 students and over 500 staff were affected by the closures.[26][27] CCi has since filed for bankruptcy in Canada due to the closures.

Everest University Online edit

Everest University Online (EUO), a division of Everest University, offered online degree programs.[28] EUO was headquartered in Tampa, Florida.

Everest College Phoenix edit

Everest College Phoenix offered bachelor's degree, associate degree, and diploma programs.[29] Everest College Phoenix had campuses in Phoenix and Mesa, Arizona, as well as an online learning center.[30]

Everest College Phoenix was regionally accredited by the Higher Learning Commission.[31]

Heald College edit

Heald College was one of the nation's oldest business career colleges in the Western United States, with roots extending back to 1863.[32] Heald offered associate degree, diploma, and certificate programs.[33]

Heald College was regionally accredited by the Western Association of Schools and Colleges Senior College and University Commission.[34] Heald College had campuses in California, Oregon, and Hawaii, as well as an online learning center.[35]

In November 2009, it was announced that CCi was purchasing Heald's parent company for $395 million.[36] In January 2010, CCi announced that it had completed the acquisition.[37] CCi retained the Heald name, and it was reported that it also retained its faculty and staff.[36]

WyoTech edit

WyoTech offered career-oriented training for mechanical and technical occupations.[32] WyoTech had campuses in Pennsylvania, Florida, California, and Wyoming.[38] As of November 2018, all the campuses except the Laramie, Wyoming campus were closed; the remaining Laramie campus came under new ownership, providing solely automotive-related training.[39]

Accreditation edit

Everest College Phoenix campuses were regionally institutionally accredited by Higher Learning Commission.[40][41] Heald College campuses are regionally institutionally accredited by the Senior College and University Commission – Western Association of Schools and Colleges (WASC Senior).[34] Everest Institute, Everest College, Everest University, and Wyotech campuses are nationally institutionally accredited by one of two national accrediting agencies: Accrediting Commission of Career Schools and Colleges (ACCSC); or Accrediting Council for Independent Colleges and Schools (ACICS).[40][41][42]

Leadership edit

Corinthian CEO Jack Massimino earned $3 million in 2010, and four other executives made over $1 million that year.[43] Eeva Deshon, the president and CEO of Heald College initiated a petition on Change.org to collect positive testimonials about the college, despite the largely negative evaluations by students.[43]

Faculty and students edit

As of December 31, 2013, CCi's total student population was 77,584.[44] As with the entire education sector, CCi had faced a decrease in enrollment and a corresponding depressed stock price. CCi's top mutual fund holder was Wells Fargo Advantage Small Cap Value Fund.[45]

As of June 30, 2013, CCi had approximately 15,200 employees in North America, including 6,000 full-time and part-time faculty members.[9] For five consecutive years, CCi had been named a Top Workplace in Orange County, California where its headquarters are located.[46]

In 2014, a librarian at the southern California campus of Everest College quit her position when she learned a student she was assisting could only read at the third-grade level, may have a developmental disability, and was unlikely to find work in his chosen field. She stated that the student was unlikely to understand the financial burdens of the enrollment documents he signed. The librarian resigned out of principle after an unsuccessful attempt to resolve the issue with administration.[47][48]

Financial aid edit

The Higher Education Act provides that a private, for-profit institution, such as CCi's institutions, may derive no more than 90% of its revenue from the Title IV federal student aid programs.[49] In 2010, CCi reported that it received 81.9% of revenue from Title IV federal student aid programs. [50] Corinthian Colleges (CCI) acquired QuickStart Intelligence in summer 2012, an Irvine, California-based, privately held technology training company. As a B2B revenue stream; CCI acquired QuickStart Intelligence to leverage the 10%, non-government funding essential to back the additional student loans for CCi's core adult learning programs.

Student loan default rate

A significant requirement imposed by Congress is a limitation on participation in Title IV programs by institutions whose former students default on the repayment of federal student loans in excess of specified rates ("Cohort Default Rates").[51] On March 25, 2013, CCi received a draft three-year Cohort Default Rates from the U.S. Department of Education for students who entered repayment during the federal fiscal year ending September 30, 2010 (the "2010 Cohort"), measured over three federal fiscal years of borrower repayment. The weighted average of CCi's institutions was 19.0%, a 9.0 percentage point decrease from the 28.0% weighted average for the three-year cohort default rate for students who entered repayment during the prior fiscal year.[52] For the 2010 Cohort, none of CCi's institutions exceeded the default threshold set by the U.S. Department of Education.[52]

Loan forgiveness

On June 1, 2022, the U.S. Department of Education announced it would forgive $5.8 billion in federal student loans made to Corinthian College students between 1995 and 2015, which forgiveness would impact 560,000 borrowers and would be the single largest discharge of student loans in history according to the department.[53][54][55]

Legal proceedings edit

Corinthian Colleges was investigated in Canada and by federal authorities in the United States, and by several states attorneys general for deceptive advertising and other fraudulent acts.

California edit

In 2008, a class action suit was filed against CCI and a wholly owned subsidiary in Santa Clara Superior Court on behalf of graduates of Bryman College's medical assistant vocational programs. The lawsuit alleged that Bryman made untrue or misleading statements to students related to employment success, in order to induce them to enroll and stay enrolled in their medical training programs.[56] This case was ultimately dismissed.[57]

In July 2007, the California Attorney General threatened to file suit against Corinthian Colleges. Corinthian issued a statement saying: "We disagree with the Attorney General's conclusions, but we are pleased to have this matter behind us. The agreement is not evidence of wrongdoing, and the company specifically denied any wrongdoing as part of the settlement. We are fully committed to providing quality education and job placement services for students and to being in compliance with state law and regulation."[58]

In October 2013, the State of California again sued CCi alleging "false and predatory advertising, intentional misrepresentations to students, securities fraud and unlawful use of military seals in advertisements".[59][60] According to the Sacramento Bee, fourteen Everest College campuses registered three-year default rates on student loans of more than 20 percent; eight were more than 30 percent.[61]

In November 2013, CCi issued a statement asserting that the California Attorney General's complaint was "a document built on a foundation of misquoted, deceptively excerpted and—at best—misunderstood materials."[62] It went on to say that the California Attorney General was "wrongly accusing our schools of inflating job placement statistics for our graduates".[62] CCi indicated that it planned to "vigorously defend the integrity of the work we do for our students and graduates".[62]

California Attorney General Kamala Harris filed a complaint alleging that CCI had engaged in a predatory marketing campaign targeting job seekers and single parents with incomes near the federal poverty level. [63] The Department of Justice obtained internal company documents in which CCI employees described the company's target demographic as "isolated", "impatient", individuals with "low self-esteem", who have "few people in their lives who care about them" and who are "unable to see and plan well for future". The complaint alleged that CCI had used aggressive Internet and telemarketing campaigns, as well as television ads on daytime shows like Jerry Springer and Maury Povich to reach these individuals.[64][65][better source needed]

Federal investigation in the United States edit

On October 17, 2007, U.S. Department of Education investigators seized records at Florida campuses of for-profit colleges, including CCi's former National School of Technology in Fort Lauderdale, Florida, and Florida Career College (a division of Anthem Education Group) in Lauderdale Lakes, Florida and Pembroke Pines, Florida.[66] The school reported that it was not informed why the records were seized or why similar actions had been taken against other institutions in the area.[67] The campus reopened the next day.[67]

In June 2013, CCi disclosed that it was under investigation by the Securities and Exchange Commission (SEC).[68] CCi is cooperating with the SEC in its investigation. The SEC did not file any actions against CCi in connection with this investigation.

In November 2013, the US Consumer Financial Protection Bureau reported that they were investigating CCi.[69] In December 2013, CCi received a "Notice and Opportunity to Respond and Advise" letter from the CFPB.[70] CCi responded by stating that it "believes that its acts and practices relating to student loans are lawful and that its lending program is essential to many students".[70] The company also explained that the loans offered under the program are "modest in size and have reasonable interest rates", and that the loans allow many students to attend college who otherwise would not have the opportunity to do so.[70] The average loan amount per borrower is $4,700 and the average annual interest rate is 8.5 percent and the maximum rate is 9.9 percent. Loans are only offered to students who have a gap between their educational costs and the available financial aid from all other government and personal sources.[70] The CFPB filed a lawsuit against Corinthian in September 2014 over its loan program and debt collection practices.[71]

In April 2015, the college was fined almost $30 million by the U.S. Department of Education. The department found the school had misled students and loan agencies about the prospects for graduates to find jobs.[72] Within two weeks, the college shut down.

In May 2018, a federal judge ordered the U.S. Department of Education to stop collecting on student loans related to Corinthian. In October 2019 the same judge held U.S. Education Secretary Betsy DeVos in contempt of court because the Department had continued collecting on 16,000 such loans in spite of the court order.[73]

Loan forgiveness

On June 1, 2022, the U.S. Department of Education announced that it would cancel all federal student loans owed by more than 560,000 students who attended Corinthian Colleges between 1995 and 2015. The amount forgiven would total $5.8 billion and would be the single largest discharge of student loans in history according to the department.[53][54][55]

Other state investigations edit

In 2004, a former student from Florida Metropolitan University initiated an action against CCi, claiming he was misled with respect to the school's accreditation and his ability to transfer credits.[74] The lawsuit proceeded in arbitration pursuant to the agreement between the parties. After hearing all of the evidence, the arbitrator found in favor of CCi on all counts and dismissed the lawsuit.[75]

In April 2005, fourteen students from Bryman College's Tacoma, Washington campus filed an action against CCi in the Superior Court of the State of Washington. The students claimed they did not receive proper training for their careers in medical assisting, that they were misled about the program's accreditation status, their eligibility to take a national certification exam, the transferability of their credits, and the availability of internships. The case was moved to the United States District Court for the Western District of Washington and was ultimately dismissed.

In August 2007, the State of Florida closed an investigation into Florida Metropolitan University with no fines, penalties or findings of wrongdoing.[76] The Florida Office of the Attorney General and Florida Metropolitan University entered into an Assurance of Voluntary Compliance acknowledging that Florida Metropolitan University participates in the Florida Statewide Course Numbering System to facilitate the transfer of eligible credits to other institutions. Florida Metropolitan University agreed to continue its efforts to help students with transfer credits and to provide students with clear disclosures.[76]

CCi is awaiting the outcome of regulatory investigations by the SEC and state prosecutors. On January 24, 2014, the Iowa Attorney General's office notified CCi that it is leading an investigation by thirteen states into CCi's business practices.[77] CCi stated that it intends to cooperate.[77] No state attorney general case has been tried and no findings adverse to CCi have been made.

On February 23, 2015, fifteen former and current students of Corinthian Colleges announced they were going on "debt strike", refusing to pay loans accrued for their time at Corinthian schools. They originally called themselves the "Corinthian 15", and after growing, as of April 1, are known as the "Corinthian 100" with 107 members. They are currently pursuing "Defense to Repayment" legal action against Corinthian. Representatives were given a meeting with the Department of Education and the Consumer Financial Protection Bureau.[78][79][80]

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External links edit

February 15, 2024
corinthian, colleges, profit, post, secondary, education, company, north, america, subsidiaries, offered, career, oriented, diploma, degree, programs, health, care, business, criminal, justice, transportation, technology, maintenance, construction, trades, inf. Corinthian Colleges Inc CCi was a for profit post secondary education company in North America Its subsidiaries offered career oriented diploma and degree programs in health care business criminal justice transportation technology and maintenance construction trades and information technology 1 A remnant of the schools was owned by ECMC under the Altierus Career College brand until the last three campuses were closed in 2022 2 Corinthian Colleges Inc IndustryEducationFoundedFebruary 1995 1995 02 FoundersDavid MoorePaul St PierreFrank McCordDennis DevereuxLloyd HollandDefunctApril 27 2015 2015 04 27 FateCeased operationsAreas servedUnited States CanadaWebsiteArchived April 27 2015 at the Wayback MachineAt its peak CCi operated over one hundred Everest Heald and WyoTech campuses throughout the United States and Canada 3 The Los Angeles Times framed Corinthian Colleges as a collection of castoff schools that were taken over by Wall Street investors in 1999 4 Corinthian closed their campuses in Canada on February 19 2015 after the Ontario government suspended their operating license On April 26 2015 following a series of legal challenges by state and federal agencies Corinthian Colleges announced that they would cease operations at all remaining United States locations The closure affected more than sixteen thousand students and employees 5 Having been extensively investigated for fraudulent behavior by several jurisdictions Corinthian Colleges Inc and twenty four of its subsidiaries filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware on May 4 2015 6 In June 2022 the U S Department of Education announced that it would cancel 5 8 billion in federal student loan debt for 560 000 students who attended Corinthian 7 8 Contents 1 History 2 Schools 2 1 Everest 2 2 Everest University Online 2 3 Everest College Phoenix 2 4 Heald College 2 5 WyoTech 3 Accreditation 4 Leadership 5 Faculty and students 6 Financial aid 7 Legal proceedings 7 1 California 7 2 Federal investigation in the United States 7 3 Other state investigations 8 References 9 External linksHistory editCorinthian Colleges was founded in February 1995 9 by David Moore Paul St Pierre Frank McCord Dennis Devereux and Lloyd Holland of National Education Centers Inc a for profit operator of vocational schools based in Irvine California The company whose business model was predicated on acquiring schools that were fundamentally sound but performing below their potential 10 expanded rapidly through acquisitions and organic growth 9 Acquired institutes and colleges 11 American Motorcycle Institute Ashmead College Oregon and Washington Blair College Colorado Springs Colorado Bryman College Bryman Institute CDI College Duff s Business Institute Pittsburgh Pennsylvania Eton Technical Institute Port Orchard Washington Florida Metropolitan University Georgia Medical Institute Kee Business College Las Vegas College National Institute of Technology NIT National School of Technology NST Olympia Career Training Institute Olympia College Parks College Phillips Colleges 12 Rutledge College 13 Rochester Business Institute Sequoia College Tampa College Western Business College Corinthian Colleges faced numerous investigations and lawsuits including a federal criminal investigation 14 California Attorney General Kamala Harris alleged that Corinthian Colleges targeted single parents living close to the poverty level a demographic that its internal documents described as composed of isolated impatient individuals with low self esteem who have few people in their lives who care about them and who are stuck and unable to see and plan well for future through aggressive and persistent internet and telemarketing campaigns and through television ads on daytime shows like Jerry Springer and Maury Povich 15 On July 3 2014 Corinthian Colleges agreed to execute a shutdown of twelve schools and sell off eighty five other schools 16 17 On February 19 2015 the government of Ontario suspended the company s operation license resulting in the immediate closure of all Canadian campuses 18 In February 2015 the nonprofit Educational Credit Management Corporation took ownership of more than half of Corinthian Colleges campuses agreeing to forgive student debt on Corinthian College s Genesis loans 19 20 On April 26 2015 Corinthian Colleges announced that they would cease operations at all remaining locations effective April 27 a move affecting more than sixteen thousand students and employees 21 On May 4 2015 Corinthian filed for bankruptcy in Delaware 22 23 Schools editEverest edit CCi operated Everest campuses in the United States and Canada although all US campuses were to be sold or closed beginning on July 3 2014 leaving only the Canadian campuses under CCi s control 16 17 Everest Institute offered diploma programs 24 Everest College offered diploma and associate degree programs Everest University offered diploma associate bachelor s and master s degree programs 24 There were ten Everest University campuses across Florida which were formerly known as Florida Metropolitan University 25 On February 19 2015 all 14 Everest campuses in Ontario Canada were shut down 2300 students and over 500 staff were affected by the closures 26 27 CCi has since filed for bankruptcy in Canada due to the closures Everest University Online edit Everest University Online EUO a division of Everest University offered online degree programs 28 EUO was headquartered in Tampa Florida Everest College Phoenix edit Everest College Phoenix offered bachelor s degree associate degree and diploma programs 29 Everest College Phoenix had campuses in Phoenix and Mesa Arizona as well as an online learning center 30 Everest College Phoenix was regionally accredited by the Higher Learning Commission 31 Heald College edit Heald College was one of the nation s oldest business career colleges in the Western United States with roots extending back to 1863 32 Heald offered associate degree diploma and certificate programs 33 Heald College was regionally accredited by the Western Association of Schools and Colleges Senior College and University Commission 34 Heald College had campuses in California Oregon and Hawaii as well as an online learning center 35 In November 2009 it was announced that CCi was purchasing Heald s parent company for 395 million 36 In January 2010 CCi announced that it had completed the acquisition 37 CCi retained the Heald name and it was reported that it also retained its faculty and staff 36 WyoTech edit WyoTech offered career oriented training for mechanical and technical occupations 32 WyoTech had campuses in Pennsylvania Florida California and Wyoming 38 As of November 2018 all the campuses except the Laramie Wyoming campus were closed the remaining Laramie campus came under new ownership providing solely automotive related training 39 Accreditation editEverest College Phoenix campuses were regionally institutionally accredited by Higher Learning Commission 40 41 Heald College campuses are regionally institutionally accredited by the Senior College and University Commission Western Association of Schools and Colleges WASC Senior 34 Everest Institute Everest College Everest University and Wyotech campuses are nationally institutionally accredited by one of two national accrediting agencies Accrediting Commission of Career Schools and Colleges ACCSC or Accrediting Council for Independent Colleges and Schools ACICS 40 41 42 Leadership editCorinthian CEO Jack Massimino earned 3 million in 2010 and four other executives made over 1 million that year 43 Eeva Deshon the president and CEO of Heald College initiated a petition on Change org to collect positive testimonials about the college despite the largely negative evaluations by students 43 Faculty and students editAs of December 31 2013 CCi s total student population was 77 584 44 As with the entire education sector CCi had faced a decrease in enrollment and a corresponding depressed stock price CCi s top mutual fund holder was Wells Fargo Advantage Small Cap Value Fund 45 As of June 30 2013 CCi had approximately 15 200 employees in North America including 6 000 full time and part time faculty members 9 For five consecutive years CCi had been named a Top Workplace in Orange County California where its headquarters are located 46 In 2014 a librarian at the southern California campus of Everest College quit her position when she learned a student she was assisting could only read at the third grade level may have a developmental disability and was unlikely to find work in his chosen field She stated that the student was unlikely to understand the financial burdens of the enrollment documents he signed The librarian resigned out of principle after an unsuccessful attempt to resolve the issue with administration 47 48 Financial aid editThe Higher Education Act provides that a private for profit institution such as CCi s institutions may derive no more than 90 of its revenue from the Title IV federal student aid programs 49 In 2010 CCi reported that it received 81 9 of revenue from Title IV federal student aid programs 50 Corinthian Colleges CCI acquired QuickStart Intelligence in summer 2012 an Irvine California based privately held technology training company As a B2B revenue stream CCI acquired QuickStart Intelligence to leverage the 10 non government funding essential to back the additional student loans for CCi s core adult learning programs Student loan default rateA significant requirement imposed by Congress is a limitation on participation in Title IV programs by institutions whose former students default on the repayment of federal student loans in excess of specified rates Cohort Default Rates 51 On March 25 2013 CCi received a draft three year Cohort Default Rates from the U S Department of Education for students who entered repayment during the federal fiscal year ending September 30 2010 the 2010 Cohort measured over three federal fiscal years of borrower repayment The weighted average of CCi s institutions was 19 0 a 9 0 percentage point decrease from the 28 0 weighted average for the three year cohort default rate for students who entered repayment during the prior fiscal year 52 For the 2010 Cohort none of CCi s institutions exceeded the default threshold set by the U S Department of Education 52 Loan forgivenessOn June 1 2022 the U S Department of Education announced it would forgive 5 8 billion in federal student loans made to Corinthian College students between 1995 and 2015 which forgiveness would impact 560 000 borrowers and would be the single largest discharge of student loans in history according to the department 53 54 55 Legal proceedings editCorinthian Colleges was investigated in Canada and by federal authorities in the United States and by several states attorneys general for deceptive advertising and other fraudulent acts California edit In 2008 a class action suit was filed against CCI and a wholly owned subsidiary in Santa Clara Superior Court on behalf of graduates of Bryman College s medical assistant vocational programs The lawsuit alleged that Bryman made untrue or misleading statements to students related to employment success in order to induce them to enroll and stay enrolled in their medical training programs 56 This case was ultimately dismissed 57 In July 2007 the California Attorney General threatened to file suit against Corinthian Colleges Corinthian issued a statement saying We disagree with the Attorney General s conclusions but we are pleased to have this matter behind us The agreement is not evidence of wrongdoing and the company specifically denied any wrongdoing as part of the settlement We are fully committed to providing quality education and job placement services for students and to being in compliance with state law and regulation 58 In October 2013 the State of California again sued CCi alleging false and predatory advertising intentional misrepresentations to students securities fraud and unlawful use of military seals in advertisements 59 60 According to the Sacramento Bee fourteen Everest College campuses registered three year default rates on student loans of more than 20 percent eight were more than 30 percent 61 In November 2013 CCi issued a statement asserting that the California Attorney General s complaint was a document built on a foundation of misquoted deceptively excerpted and at best misunderstood materials 62 It went on to say that the California Attorney General was wrongly accusing our schools of inflating job placement statistics for our graduates 62 CCi indicated that it planned to vigorously defend the integrity of the work we do for our students and graduates 62 California Attorney General Kamala Harris filed a complaint alleging that CCI had engaged in a predatory marketing campaign targeting job seekers and single parents with incomes near the federal poverty level 63 The Department of Justice obtained internal company documents in which CCI employees described the company s target demographic as isolated impatient individuals with low self esteem who have few people in their lives who care about them and who are unable to see and plan well for future The complaint alleged that CCI had used aggressive Internet and telemarketing campaigns as well as television ads on daytime shows like Jerry Springer and Maury Povich to reach these individuals 64 65 better source needed Federal investigation in the United States edit On October 17 2007 U S Department of Education investigators seized records at Florida campuses of for profit colleges including CCi s former National School of Technology in Fort Lauderdale Florida and Florida Career College a division of Anthem Education Group in Lauderdale Lakes Florida and Pembroke Pines Florida 66 The school reported that it was not informed why the records were seized or why similar actions had been taken against other institutions in the area 67 The campus reopened the next day 67 In June 2013 CCi disclosed that it was under investigation by the Securities and Exchange Commission SEC 68 CCi is cooperating with the SEC in its investigation The SEC did not file any actions against CCi in connection with this investigation In November 2013 the US Consumer Financial Protection Bureau reported that they were investigating CCi 69 In December 2013 CCi received a Notice and Opportunity to Respond and Advise letter from the CFPB 70 CCi responded by stating that it believes that its acts and practices relating to student loans are lawful and that its lending program is essential to many students 70 The company also explained that the loans offered under the program are modest in size and have reasonable interest rates and that the loans allow many students to attend college who otherwise would not have the opportunity to do so 70 The average loan amount per borrower is 4 700 and the average annual interest rate is 8 5 percent and the maximum rate is 9 9 percent Loans are only offered to students who have a gap between their educational costs and the available financial aid from all other government and personal sources 70 The CFPB filed a lawsuit against Corinthian in September 2014 over its loan program and debt collection practices 71 In April 2015 the college was fined almost 30 million by the U S Department of Education The department found the school had misled students and loan agencies about the prospects for graduates to find jobs 72 Within two weeks the college shut down In May 2018 a federal judge ordered the U S Department of Education to stop collecting on student loans related to Corinthian In October 2019 the same judge held U S Education Secretary Betsy DeVos in contempt of court because the Department had continued collecting on 16 000 such loans in spite of the court order 73 Loan forgivenessOn June 1 2022 the U S Department of Education announced that it would cancel all federal student loans owed by more than 560 000 students who attended Corinthian Colleges between 1995 and 2015 The amount forgiven would total 5 8 billion and would be the single largest discharge of student loans in history according to the department 53 54 55 Other state investigations edit In 2004 a former student from Florida Metropolitan University initiated an action against CCi claiming he was misled with respect to the school s accreditation and his ability to transfer credits 74 The lawsuit proceeded in arbitration pursuant to the agreement between the parties After hearing all of the evidence the arbitrator found in favor of CCi on all counts and dismissed the lawsuit 75 In April 2005 fourteen students from Bryman College s Tacoma Washington campus filed an action against CCi in the Superior Court of the State of Washington The students claimed they did not receive proper training for their careers in medical assisting that they were misled about the program s accreditation status their eligibility to take a national certification exam the transferability of their credits and the availability of internships The case was moved to the United States District Court for the Western District of Washington and was ultimately dismissed In August 2007 the State of Florida closed an investigation into Florida Metropolitan University with no fines penalties or findings of wrongdoing 76 The Florida Office of the Attorney General and Florida Metropolitan University entered into an Assurance of Voluntary Compliance acknowledging that Florida Metropolitan University participates in the Florida Statewide Course Numbering System to facilitate the transfer of eligible credits to other institutions Florida Metropolitan University agreed to continue its efforts to help students with transfer credits and to provide students with clear disclosures 76 CCi is awaiting the outcome of regulatory investigations by the SEC and state prosecutors On January 24 2014 the Iowa Attorney General s office notified CCi that it is leading an investigation by thirteen states into CCi s business practices 77 CCi stated that it intends to cooperate 77 No state attorney general case has been tried and no findings adverse to CCi have been made On February 23 2015 fifteen former and current students of Corinthian Colleges announced they were going on debt strike refusing to pay loans accrued for their time at Corinthian schools They originally called themselves the Corinthian 15 and after growing as of April 1 are known as the Corinthian 100 with 107 members They are currently pursuing Defense to Repayment legal action against Corinthian Representatives were given a meeting with the Department of Education and the Consumer Financial Protection Bureau 78 79 80 References edit History of Corinthian Colleges Inc Cci edu Archived from the original on November 5 2014 Retrieved November 14 2014 Lederman Doug ECMC to Close Its 3 Altierus Career College Campuses www insidehighered com Inside Higher Education Retrieved December 11 2022 Corinthian Colleges Inc North America Campus Locations Cci edu Archived from the original on November 4 2014 Retrieved November 14 2014 Robinson Jacobs Karen September 15 2003 Operating Career College Lucrative Vocation for CEO Retrieved June 9 2018 via LA Times Accessed February 22 2022 https web archive org web 20151101151009 https www theglobeandmail com news national education ontario suspends everest college operations over financial concerns article23107111 For profit Corinthian Colleges files for bankruptcy Washington Post ISSN 0190 8286 Retrieved June 2 2022 Lobosco Katie June 1 2022 Biden administration cancels 5 8 billion in student loan debt for former Corinthian students CNN Retrieved June 2 2022 Richards Zoe June 1 2022 Education Department to cancel 5 8B in debt for students of Corinthian Colleges NBC News Retrieved June 2 2022 a b c History of Corinthian Colleges Inc CCi June 30 2013 Archived from the original on April 27 2014 Retrieved May 1 2014 History of Corinthian Colleges Inc FundingUniverse Fundinguniverse com Retrieved November 14 2014 CCi Directory CCi Archived from the original on April 16 2014 Retrieved May 1 2014 Lisa Guernsey November 15 1996 Merger Creates Largest U S Chain of Trade Schools The Chronicle of Higher Education Retrieved November 29 2023 Dawn DeCwikiel Kane January 31 1990 Rutledge College Left in Uproar Greensboro News and Record Retrieved November 29 2023 Chris Kirkham August 13 2014 Corinthian Colleges tells investors it is facing a criminal probe Los Angeles Times Retrieved November 14 2014 Noel Brinkerhoff January 1 2014 Wells Fargo Main Investor in Nation s Worst Private College Company Allgov com Retrieved May 1 2014 a b Chris Kirkham July 4 2014 Corinthian Colleges will sell 85 schools close 12 others Los Angeles Times Retrieved November 14 2014 a b Corinthian Colleges to sell 85 U S campuses and close 12 under new agreement Mercurynews com July 3 2014 Retrieved November 14 2014 Canadian regulators shut down Corinthian subsidiary Higher Ed Dive Retrieved June 2 2022 Douglas Gabriel Danielle February 3 2015 Here s how a debt collector plans to turn around failing for profit colleges Retrieved June 9 2018 via washingtonpost com Gleason Stephanie Zibel Alan February 3 2015 Corinthian Colleges Buyer Agrees to Forgive 480 Million in Student Loans The Wall Street Journal Retrieved February 3 2015 Kirkham Chris April 26 2015 Corinthian Colleges to shut down more than two dozen remaining schools Los Angeles Times Retrieved April 26 2015 Yarbrough Beau May 4 2015 Corinthian Colleges declares bankruptcy amid push for new legislation to help students San Bernardino County Sun Retrieved May 5 2015 Corinthian Colleges Chapter 11 Petition PDF PacerMonitor Retrieved June 7 2016 a b Everest Programs by State Everest Archived from the original on April 16 2014 Retrieved May 1 2014 FMU has changed names to Everest University FMU Retrieved May 1 2014 Everest College students in Ottawa share anger at sudden closure CBC News February 19 2015 Corinthian s 14 Schools in Canada Shut Down by Government Bloomberg February 20 2015 Earn Your Degree Online Everestonline Archived from the original on June 29 2014 Retrieved May 1 2014 Everest College Phoenix Everest College Phoenix Archived from the original on May 17 2014 Retrieved May 1 2014 Everest College Phoenix Campus Locations Everest College Phoenix Archived from the original on April 18 2014 Retrieved May 1 2014 Accreditation amp Licensure Everest College Phoenix Archived from the original on April 17 2014 Retrieved May 1 2014 a b Our Schools CCi Archived from the original on April 27 2015 Retrieved May 1 2014 About Heald College Heald College Archived from the original on March 30 2014 Retrieved May 1 2014 a b Statement of Accreditation Status Heald College WASC Senior June 15 2012 Retrieved May 1 2014 Heald College Locations Heald College Archived from the original on May 17 2014 Retrieved May 1 2014 a b Sale of Heald Colleges could lead to more student options Bizjournals com Retrieved November 14 2014 Corinthian Colleges Completes Acquisition Of Heald Capital LLC Quick Facts RTT News January 5 2010 Retrieved May 1 2014 WyoTech Locations WyoTech Archived from the original on April 16 2014 Retrieved May 1 2014 We re Back WyoTech Retrieved December 1 2018 a b U S Department of Education Database of Accredited Postsecondary Institutions and Programs Ope ed gov Retrieved November 14 2014 a b Accreditation Everest edu Archived from the original on November 29 2014 Retrieved November 14 2014 Why WyoTech Accreditation Matters Wyotech edu Archived from the original on December 1 2014 Retrieved November 14 2014 a b Dayen D 2015 Chipping Away At My Soul Insiders Detail The Decline And Fall Of Corinthian s For Profit College Empire Huffington Post June 4 2015 Mediha DiMartino February 5 2014 Corinthian Shares Drop Orange County Business Journal Retrieved May 1 2014 Corinthian Colleges Inc COCO Yahoo Finance Retrieved May 1 2014 Corinthian Colleges Inc Top Work Places Archived from the original on February 1 2014 Retrieved May 1 2014 Halperin David June 2 2014 For Profit College Enrolls Exploits Student Who Reads at Third grade Level HuffPost Retrieved June 9 2018 Weissmann Jordan June 3 2014 This For Profit College Admitted a Student With a Third Grade Reading Level Slate Retrieved June 9 2018 90 10 Regulation amp Calculation PDF U S Department of Education Retrieved May 1 2014 Appendix 9 Funds Reported Pursuant to 90 10 Rule by Company PDF U S Senate Retrieved May 1 2014 Cohort Default Rates FinAid Retrieved May 1 2014 a b Corinthian Colleges Inc Form 10 K Annual Report PDF Shareholder com September 3 2013 Archived from the original PDF on February 1 2014 Retrieved May 1 2014 a b Archie Ayana Turner Cory June 2 2022 U S will forgive 5 8 billion of loans to Corinthian Colleges students NPR Retrieved June 2 2022 a b Biden administration erases debt of former Corinthian College students Chicago Tribune June 2022 Retrieved June 2 2022 a b Stratford Michael June 2022 Biden administration forgives all federal student loan debt for 560K Corinthian borrowers POLITICO Retrieved June 2 2022 Class Action Suit Filed Against Corinthian Colleges Inc on Behalf of Medical Assistant Reuters March 12 2008 Archived from the original on April 17 2014 Leask Et Al V Corinthian Colleges Inc Et Al Superior Court of California Retrieved May 1 2014 Andrew Galvin August 1 2007 Corinthian to pay 6 5 million Orange County Register Retrieved May 1 2014 Li Shan October 10 2013 Attorney general accuses Corinthian Colleges of predatory ads Los Angeles Times Attorney General Kamala D Harris Files Suit in Alleged For Profit College Predatory Scheme California Office of the Attorney General October 10 2014 Heald College students echo California attorney general s complaints about job prospects Capitol and California the Sacramento Bee Archived from the original on December 8 2013 Retrieved June 9 2015 a b c CCi s response to California AG lawsuit PDF Shareholder com Archived from the original PDF on February 1 2014 Retrieved November 14 2014 Attorney General Kamala D Harris Files Suit in Alleged For Profit College Predatory Scheme California Office of the Attorney General October 10 2013 Retrieved May 1 2014 Who Owns The Awful Corinthian Colleges Wells Fargo Marc Morial Pension Funds Huffington Post October 15 2013 Steve Rhode October 11 2013 California Sues a Number of Colleges for Doing Bad Stuff Get Out of Debt Guy Steve Rhode Retrieved March 17 2015 Corinthian Colleges School Is Latest Florida Campus to Be Scene of Federal Raid The Chronicle of Higher Education October 17 2007 a b Brian Haas Barbara Hijek October 18 2007 Another career college raided Sun Sentinel Retrieved May 1 2014 Corinthian Colleges Under Investigation by SEC The Wall Street Journal Retrieved November 14 2014 permanent dead link For Profit Colleges Face Consumer Bureau Probe on Lending Roles Bloomberg Retrieved November 14 2014 a b c d Corinthian Colleges Inc CFPB Investigation Company Student Lending Programs Background Key Points PDF Shareholder com February 4 2014 Archived from the original PDF on April 17 2014 Retrieved May 1 2014 CFPB Sues For Profit College for FDCPA Violations and Predatory Loan Program insideARM com September 17 2014 Retrieved November 21 2014 Nasiripour Shahien April 15 2015 Herald College Fined For Misleading Students About Job Prospects Huffington Post Retrieved April 15 2015 Stratford Michael October 24 2019 DeVos held in contempt for violating judge s order on student loans Politico Retrieved October 25 2019 Bad Education Orlando Weekly April 4 2005 Retrieved April 16 2014 Corinthian Colleges Reports Favorable Arbitration Award in Satz Case Arbitrator Finds in Favor of Company on All Counts U S News amp World Report January 23 2006 Retrieved April 15 2014 a b Charles Huckabee November 6 2007 Florida Attorney General Settles With Corinthian Division The Chronicle of Higher Education Retrieved May 1 2014 a b States Expand For Profit Education Probe The Wall Street Journal Retrieved November 14 2014 permanent dead link Douglas Gabriel Danielle February 25 2015 A dangerous revolt People are refusing to pay back student loans The Washington Post Retrieved March 2 2015 Kamenetz Anya Activists Stop Paying Their Student Loans NPR Retrieved April 1 2015 Tamar Lewin For Profit Colleges Face a Loan Revolt by Thousands Claiming Trickery New York Times May 3 2015 http mobile nytimes com 2015 05 04 education for profit colleges face a loan strike by thousands claiming trickery html External links editArchived April 27 2015 at the Wayback Machine Retrieved from https en wikipedia org w index php title Corinthian Colleges amp oldid 1191122994, wikipedia, wiki, book, books, library,

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