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As Corinthian falters, is this the end of the an era for for-profit colleges?

by AirTalk®

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SAN FRANCISCO, CA - OCTOBER 10: California Attorney General Kamala Harris points to a map as she speaks during a news conference on October 10, 2013 in San Francisco, California. Harris announced the filing of a lawsuit against the for-profit Corinthian Colleges and its subsidiaries for alleged false advertising, securities fraud, intentional misrepresentations to students and the unlawful use of military insignias in advertisements. Santa Ana, California-based Corinthian Colleges operates 111 total campuses in North America with 24 Heald, Everest and WyoTech colleges in California that have an estimated 27,000 students. (Photo by Justin Sullivan/Getty Images) Justin Sullivan/Getty Images

Today is the deadline for beleaguered Orange County-based for-profit college Corinthian to reach a deal with the U.S. Department of Education on a plan to sell or close the school's 107 campuses and online programs.

Just a decade ago, Corinthian Colleges Inc. was a giant in the for-profit college world. The Santa Ana-based entity owns and operates schools such as Heald, Everest and WyoTech, with more than 81,000 students nationally. Like so many for-profit schools, its fortunes were tied to the billions of dollars in federal loans students take out to attend the school.

Federal scrutiny on for-profit colleges has tightened and Corinthian is under investigation by 20 states, including California, for questionable recruitment practices and inflated job placement rates. Around mid-June, the Department of Education announced that it will cut off financial aid to Corinthian, but last week, the department softened its stance, giving the school more time to wind down.


Steve Gunderson,  President and CEO of the Association of Private Sector Colleges and Universities, a trade association for for profit colleges based in Washington DC  

Chris Kirkham, LA Times reporter who has been covering the story

Ben Miller, senior policy analyst at the Education Policy Program at the New America Foundation, a nonprofit, nonpartisan public policy think tank. He previously served as a senior policy advisor at the U.S. Department of Education


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