By Doug Porter
On Sunday, April 26th, the for-profit Corinthian Colleges, Inc. closed its doors. Twenty eight campuses, plus online options, spread over five states were gone. Ten thousand of the sixteen thousand students then-enrolled at those colleges are from California.
The predatory recruiting and loan sales practices of Corinthian left many students with tens of thousands of dollars in debt. The U.S. Department of Education is urging students to considering transferring to other schools, including at least 13 other for-profit institutions with corporate owners subject to state or federal investigations.
While the former students are now eligible for complete forgiveness of their federal student loans, the Education Department is working hard to avoid a potential $214 million payout. The problem for many of these students is that their completed credits are not transferable to schools accredited as public institutions; they can keep (and run up further) their debt or start over. [Read more…]








