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posted by LaminatorX on Wednesday June 25 2014, @01:39AM   Printer-friendly
from the alma-emptor dept.

Corinthian Colleges, with about 75,000 students in the US and Canada as well as online classes, owns 3 for-profit higher education brands: Everest College, Heald College, and WyoTech schools.
Corinthian receives $1.4B a year from federal education financing programs ($4 out of every $5 of its income).
Late last week, the company appeared headed for permanent closure, but an agreement reached Monday with DoE will allow it to stay in business with Federal oversight.

The US Department of Education has limited its access to federal funds after it failed to provide documents and other information to the agency.
That follows allegations that the company altered grades, student attendance records and falsified job-placement data used in advertisements for its schools.
[...]
The Education Department said that it heightened its oversight of the company after requesting data "multiple times" over the past five months

The company, based in Santa Ana, California, has previously been sued by California Attorney General Kamala Harris

for marketing fraud, arguing that the company mislead prospective students about how its graduates fared in the job market.

Worse, Everest officials paid nearby companies to hire their graduates for just long enough to make the school's statistics look better, then let them go. One Everest campus in Georgia paid companies $2,000 a head to keep Everest graduates on staff for 30 days.
[...]
the company will reportedly get the bridge funding it needs long enough to act on several DOE requests, including closing some of its schools and bringing in an independent auditor for its remaining operations. The DOE is weighing whether or not to reauthorize several Corinthian-owned schools for participation in the federal financial aid system, according to the Associated Press. The company will attempt to sell off significant parts of its 107-campus network.

 
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  • (Score: 4, Funny) by Leebert on Wednesday June 25 2014, @01:49AM

    by Leebert (3511) on Wednesday June 25 2014, @01:49AM (#59652)

    an agreement reached Monday with DoE will allow it to stay in business with Federal oversight.

    That seems a little out of scope for the Department of Energy, doesn't it? :D

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  • (Score: 1) by Buck Feta on Wednesday June 25 2014, @01:51AM

    by Buck Feta (958) on Wednesday June 25 2014, @01:51AM (#59654) Journal

    Also it's not much of a "victory".

    --
    - fractious political commentary goes here -
    • (Score: 1) by Ethanol-fueled on Wednesday June 25 2014, @02:23AM

      by Ethanol-fueled (2792) on Wednesday June 25 2014, @02:23AM (#59663) Homepage

      Meh, having a bachelor's degree from the University of Phoenix is worthless, because your lack of real-world skills makes you a liability compared to everybody else who graduated from a normal university, but having a master's from U of Phoenix with a bachelor's from somewhere reputable is worth gold to the company. It means the company can get exempt-tier hours from your servitude, somewhat-useful experience from your prior education, as well as a marginal pay increase that totally wasn't worth the costs to you, but it's the only bone we'll throw you because we know you need this more than we do.

      Just like ITT tech, our alumni once planted will receive an under-the-table stipend for hiring you as long as you have red socks*. [youtube.com] So be sure to wear those red socks to your interview.

      * note: the red sock must not be confused for the Pink Sock. [urbandictionary.com]

       

  • (Score: 0) by Anonymous Coward on Wednesday June 25 2014, @04:38AM

    by Anonymous Coward on Wednesday June 25 2014, @04:38AM (#59682)

    Insightful. Funny, right? Right?

  • (Score: 2) by davester666 on Wednesday June 25 2014, @07:37AM

    by davester666 (155) on Wednesday June 25 2014, @07:37AM (#59723)

    somebodies got to produce the hamsters that spin the energy wheel