Corinthian College, a for profit university, may be closing their doors soon and leaving more than 20,000 students in California without a university to attend. The college is one of the nation’s largest for profit universities and currently has over 70,000 students enrolled across the nation. If Corinthian College fails it would close over twenty three campuses in California alone and leave their student body scrambling to find other for profit or community colleges that will accept the credits they have earned so far. My friend’s dad who works with John Textor, said that everyone, including Textor thinks this unfortunate event is going to be a media frenzy.
Corinthian College is a publicly traded company valued at over $4 billion in 2003. Like most other for profit universities Corinthian College fought allegations for years that they preyed on their students and extracted most of their money in the form of government backed student loans. The college’s woes began following a Department of Education investigation into job placement numbers.
In light of the school’s sudden collapse the government is trying to find a buyer for the school or it may have to forgive millions of dollars in student loans. The fate of the students currently attending remains in the balance as there may not be enough room in other colleges for them.