For-Profit Chain Corinthian Colleges Officially Closes Its Doors

NEW YORK ( MainStreet) — Corinthian Colleges , the for-profit chain of colleges which owned Everest, Heald College and WyoTech, is shutting down for good.

The news came Sunday morning by way of a post on the company’s website, announcing that all 28 campuses remaining under the company’s name would close effective immediately. It was a sudden end to what has been a steady process of dismantling one of the country’s largest for-profit schools, and will impact approximately 16,000 students nationwide.

Over the past few years an increasing number of Corinthian students have complained about the lackluster job prospects and unsustainable levels of debt imposed by the company’s schools. As the private university business model has itself come under increasing scrutiny, Corinthian became the poster child for schools that offer questionable educations for a premium price.

Last summer, the Department of Education intervened directly , cutting off Corinthian’s access to federal student loans without which it could not survive. It was an unprecedented move at this scale, one that followed allegations that Corinthian falsified graduation statistics, inflated job numbers and abused the student lending process. Since then the school has been winding down its operations.