Thursday, June 26, 2014

Fallen Giant

Inside Higher Ed
June 26th, 2014

   WASHINGTON -- The Obama administration now can claim partial credit for the demise of one of the largest for-profit college chains. And both critics and supporters of the sector expect the federal scrutiny to continue.
   “I have no reason to be optimistic about an era of constructive collaboration,” said Steve Gunderson, president and CEO of the Association of Private Sector Colleges and Universities, which is the industry’s primary trade group.
He said for-profits are facing a “regulatory assault” by a White House that is “ideologically opposed to this sector.”
   On Monday the U.S. Department of Education and Corinthian Colleges announced the bare bones of a deal to sell off and close all of the publicly traded for-profit’s 107 campuses. In exchange the department freed up $16 million in frozen payments to the company, which owns the Heald College, Everest and WyoTech chains.

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