Another for-profit college shuts down (Corinthian College).

[9fold]

See the link below. From the article:

"Corinthian's network of for-profit schools once included 100 campuses across the country, where about 74,000 students were enrolled. But since last July, the U.S. Department of Education has forced the company to close or sell off its locations over concerns about its high-interest loans and misleading information.

Even before the shutdown plan was announced, Corinthian had already spent years in court defending itself against charges it had allegedly preyed on low-income people with expensive loans. Over the past year, things haven't gotten better for the embattled education company, which faces a slew of lawsuits brought by the Consumer Financial Protection Bureau, and attorneys general in California, Massachusetts and Wisconsin.

Just this month, Corinthian was fined $30 million by the Department of Education for overstating job placement rates for graduates.

"Instead of providing clear and accurate information to help students choose which college to attend, Corinthian violated students' and taxpayers' trust," Department of Education Under Secretary Ted Mitchell said earlier in a statement."

http://money.cnn.com/2015/04/26/news/corinthian-colleges-close/index.html?iid=HP_LN

 

[psuguy04]

Corinthian is the same group that ran into trouble before--this isn't new. This just means that they're closing a few of the remaining campuses.

 

[pandaczar12]

It's only a matter of time before Pitt shuts it's doors.

 

[Victor E. Bell]

Chrysler may have to start using cheaper leather in the Cordoba.

 

[anon_is9z1n0h3zblb]

Hopefully Strayer and University of Phoenix will be joining them soon.

 

[psuguy04]

Strayer & Phoenix are still pretty large and popular, although Phoenix is hurting for enrollments.

DeVry is having some major troubles too--many staff layoffs have occurred, and I hear that enrollments are dropping very quickly.

 

[Evan Ceg]

If they lied about placement rates, if they lied to students about anything, they deserve to close.

Another factor is economic, actually, As the economy improves, fewer people turn to technical education because finding jobs is a bit easier. A lot of people will turn to schooling when the job market is bad, particularly if they feel they need re-training to improve their job prospects.

 

[Cletus11]

Now most major universities offer on line education also. So when Strayer and Phoenix and Devry were the pioneers of online education, now they compete with just about every major university who offers on line only education and degrees.