Corinthian Sale Not So Easy
Career College Central Summary:
Government agencies’ actions against Corinthian Colleges, which is shutting down, are making it more difficult for the U.S. Department of Education to find buyers for the giant for-profit company’s colleges.
The Department of Education is trying to shore up Corinthian’s schools at the same time it is shutting the company down, because taxpayers will be on the hook for millions of dollars in forgiven student loans if the colleges close before buyers can be found, Bloomberg reports.
The size of Corinthian makes it nearly impossible to find enough openings at other colleges that will accept credit transfers from all of the Corinthian students.
So the Department of Ed will likely have to forgive the loans of most of the students attending the Corinthian colleges that close without finding a buyer.
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