Corinthian Colleges, Inc. (CCi) is a high school post-secondary education company in North America. His subsidiaries offer career-oriented diplomas and degree programs in health care, business, criminal justice, transportation and maintenance technology, construction trade, and information technology.
The Los Angeles Times framed Corinthian Colleges as the "castoff" school group that was taken over by Wall Street investors in 1999.
At its largest, CCi has more than 100 Everest, Heald and WyoTech campuses across the United States and Canada.
The Corinthian campuses in Canada were closed on 19 February 2015 after the Ontario government suspended their operating licenses. Following a series of legal challenges by state and federal agencies, on April 26, 2015 Corinthian Colleges announced that it will cease operations in all remaining US locations effective on April 27, 2015. The closure affects more than 16,000 students and employees.
On May 4, 2015, Corinthian Colleges, Inc. and twenty-four of its subsidiaries filed chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware.
Video Corinthian Colleges
Histori
Corinthian Colleges was founded in February 1995. Five founders - David Moore, Paul St. Pierre, Frank McCord, Dennis Devereux, and Lloyd Holland - are executives at National Education Centers, Inc. (NECI), a non-profit vocational school operator based in Irvine, California. The founders plan to acquire basically healthy schools, but which, for one reason or another, come under their potential.
Historically, CCi has grown tremendously through acquisitions and through organic growth, including opening a new branch campus, renovating, expanding or relocating existing campuses, and adopting curriculum into existing colleges.
- Acquired schools
The following institutions and colleges are:
Corinthian College faces many investigations and lawsuits, including federal criminal investigations.
California Attorney General Kamala Harris stated that Corinthian Colleges is aiming for single parents close to the level of poverty, a demographic whose internal documents are described as "composed of isolated, '' impatient, '' low self-esteem 'individuals who have' some people in their lives who care about them 'and who are' trapped 'and' unable to see and plan well for the future ', through aggressive and persistent Internet and telemarketing campaigns and through television commercials at daytime shows like Jerry Springer and Maury Povich. '"
On July 3, 2014, the US Department of Education (DoE) and CCi reached an agreement for CCi to implement the closure of its 12 US schools and the sale of 85 other schools with transitional funding provided by DoE and monitored by independent monitors. The announcement leaves the final status of undetermined Canadian schools, but on February 19, 2015, their operating licenses have been suspended by the Ontario government, resulting in the immediate closure of all Canadian campuses.
In February 2015, the Educational Credit Management Corporation (ECMC), a nonprofit, took over more than half of the Corinthian Colleges campuses. ECMC also agreed to forgive student debts on the loans of Genesis Corinthian College after several years.
On April 26, 2015, Corinthian Colleges announced that it would cease operations in all remaining locations effective on April 27th which would affect more than 16,000 students and employees. The remaining campuses include 13 Everest College and WyoTech campuses in California, along with 10 Heald College campuses in California, Hawaii, Oregon, and Everest College Phoenix, Everest College Tempe, and Everest Institute in Rochester, N.Y.
On May 4, 2015, Corinthian filed for bankruptcy in Delaware.
Maps Corinthian Colleges
Schools and programs
Everest
CCi operates the Everest campuses in the United States and Canada, although all US campuses will be sold or closed starting July 3, 2014, leaving only Canadian campuses under the control of CCi.
Everest Institute offers diploma programs in health care, business, computer technology, electronics, and HVAC (heating, ventilation and air conditioning).
Everest College offers diploma and associate degree programs in health care, business, and computer technology.
Everest University offers associate, bachelor and master degree programs. It offers programs in various fields, including business, accounting, criminal justice, paralegal studies, and health care. The Everest University campus also offers diploma programs in health care. There are ten Everest University campuses in Florida, once known as the Florida Metropolitan University.
On February 19, 2015 all 14 Everest campuses in Ontario, Canada were closed. 2300 students and over 500 staff influenced by closure. CCi has since filed for bankruptcy in Canada because of the closure. Everest University Online
Everest University Online (EUO), a division of Everest University, offers online degree programs in accounting, applied management, business, computer information science, criminal investigations, criminal justice, criminal investigations, internal security, and paralegal studies. EUO is headquartered in Tampa, Florida. Everest College Phoenix
Everest College Phoenix
Everest College Phoenix offers bachelor's degrees, degree programs, and diplomas. It offers programs in accounting, business, medical assistance, health insurance billing and coding, nursing, criminal investigation, criminal justice, and paralegal studies. Everest College Phoenix has campuses in Phoenix and Mesa, Arizona, as well as online learning centers.
Everest College Phoenix is ​​regionally accredited by the Higher Learning Commission, a member of the Association of Colleges and Colleges of the Northern Center.
Heald College
Heald College is one of the oldest business colleges in the United States, with roots extending back to 1863. Heald offers associate degrees, diplomas, and certificate programs. It offers programs in various fields, including health care, accounting, business, computer technology, criminal justice, and paralegal studies.
Heald College is regionally accredited by the Association of Colleges and Colleges of Western Colleges and the University Commission. Heald College has campuses in California, Oregon, and Hawaii, as well as an online learning center.
In November 2009, it was announced that CCi bought Heald's parent company for $ 395 million. In January 2010, CCi announced that it had completed the acquisition. CCi maintains the name of Heald, and it is reported that it also maintains its faculty and staff.
WyoTech
WyoTech offers career-oriented training for mechanical and technical jobs in automotive, diesel, motorbike, boat, HVAC (heating, ventilation and air conditioning), electricity, and pipe fields. WyoTech has campuses in Pennsylvania, Florida, California, and Wyoming. The California campuses are closed, but other campuses continue to operate under new ownership.
Accreditation
Everest College Phoenix Campus is regionally accredited by the Higher Learning Commission, a member of the North Central Colleges College and School (HLC). The Heald College campus is regionally accredited by the Senior College and the Commission of Universities - School Associations and Western Colleges (WASC Senior). Everest Institute, Everest College, Everest University, and Wyotech campus are nationally nationally accredited by one of two national accrediting bodies: the Accreditation Committee of the Career School and Colleges (ACCSC); or the Accreditation Council for High Schools and Independent Schools (ACICS).
AHLC, WASC Senior, and ACCSC are recognized by the Secretary of the Department of Education of the United States as a credible authority on the quality of education and training offered by their accredited CCi institutions.
Leadership
Corinthian CEO Jack Massimino earned $ 3 million in 2010, and four other executives earned more than $ 1 million that year. Eeva Deshon, president and CEO Heald College initiated a petition at Change.org to collect positive testimonials about college, despite most negative evaluations by students.
Faculty and students
As of December 31, 2013, CCi's total student population is 77,584. As with all education sectors, CCi has faced a decline in the registration and stock price of the corresponding depression. The holder of CCi's top mutual fund is the Wells Fargo Advantage Small Cap Value Fund.
As of June 30, 2013, CCi has approximately 15,200 employees in North America, including 6,000 part-time and part-time faculty members. For five years in a row, CCi was named the Top Workplace in Orange County, California where its headquarters are located.
In 2014, a librarian at the southern California campus, Everest College, quit his position when he found out that a student he helped to read only in third grade, may have developmental disabilities, and it was impossible to find a job in his chosen field.. He stated that the student was unlikely to understand the financial burden of the registration documents he signed. Librarians resign from the principle after unsuccessful attempts to solve problems with administration.
Financial help
The Higher Education Act provides that private, nonprofit institutions, such as CCI institutions, can earn no more than 90% of their income from the IV federal student assistance program. In 2010, CCi reported that they received 81.9% of income from the federal student's Title IV grant program. Corinthian Colleges (CCI) acquired QuickStart Intelligence in the summer of 2012, a private technology training company based in Irvine, California. As a stream of B2B revenue; CCI acquired QuickStart Intelligence to leverage 10%, important non-governmental funding to support additional student loans for CCi's core adult learning program.
- Student loan default rate
The significant requirement imposed by Congress is the limitation of participation in the Title IV program by institutions whose former students fail to pay the installment of federal student loans beyond the specified rate ("Cohort Default Rates"). On March 25, 2013, CCi received a three-year Cohort Default Rates draft from the US Department of Education for students entering payments during the federal fiscal year ending September 30, 2010 ("2010 Cohort"), as measured by three federal fiscal years of loan repayment. CCI's weighted average rate was 19.0%, a 9.0 percentage point decline from 28.0% weighted average for a three-year cohort rate for students entering payments during the previous fiscal year. For the 2010 Group, none of the CCI institutions exceeded the standard threshold set by the US Department of Education.
Legal process
Corinthian Colleges are investigated in Canada and by federal authorities in the United States, and by some state attorneys general for fraudulent advertising and other fraudulent acts.
California
In 2008, a recognized class action suit was filed against CCi and a wholly owned subsidiary in Santa Clara Superior Court on behalf of a graduate of the Bryman College medical vocational program. The lawsuit alleges that Bryman made incorrect or misleading statements to students relating to job success, to persuade them to register and remain enrolled in their medical training programs. The case was finally dismissed.
In July 2007, the California Attorney General threatened to file a lawsuit against Corinthian College. Corinthian issued a statement saying: "We disagree with the Attorney General's conclusions, but we are happy to have this issue behind us.This agreement is not evidence of error, and the company specifically denies any wrongdoing as part of the settlement.We are fully committed to providing services quality education and placement for students and to comply with state laws and regulations. "
In October 2013, the State of California once again sued CCi on charges of "false and predatory advertising, deliberate misinterpretation of students, securities fraud and unlawful use of military seals in advertising." According to a California Attorney General complaint, CCi "prey on special marketing efforts targeting vulnerable, low-income and single-parent job seekers who have annual incomes near the federal poverty line." In an internal corporate document obtained by the Justice Department, the CCI describes its demographic target as' isolated, 'impatient' individuals with 'low self esteem,' who have 'few people in their lives who care about them' and who are 'trapped' and 'unable to see and plan well for the future'. "
In November 2013, CCi issued a statement confirming that the California Attorney General's complaint was "a document built on the foundation that was misquoted, deceptively cited and - the most misunderstood material." This goes on to say that the California Attorney General "wrongly accused our school of inflating job placement statistics for our graduates." CCi indicates that they plan to "defend the integrity of the work we do for our students and our graduates."
In October 2013, the California Attorney General filed a lawsuit against Corinthian Colleges, accusing "false and predatory advertising, deliberate misinterpretation of students, securities fraud and unauthorized use of military seals in advertising." According to Sacramento Bee, fourteen Everest College campuses listed a three-year default rate on student loans of more than 20 percent; eight more than 30 percent.
California Attorney General Kamala Harris has filed a complaint stating that CCI has been involved in a predatory marketing campaign targeting job seekers and single parents with incomes near the federal poverty level. The Justice Department obtains an internal corporate document in which CCI employees describe the company's demographic targets as "isolated," "impatient," individuals with "low self-esteem," who have "some people in their lives who care about them" and who "can not see and plan well for the future. " The complaint alleges that CCI has used aggressive internet and telemarketing campaigns, as well as television commercials in daytime shows such as Jerry Springer and Maury Povich to reach these people.
Federal investigation in the United States
On 17 October 2007, US Department of Education investigators confiscated records on Florida campus profit-profit campuses, including former CCI National School of Technology in Fort Lauderdale, Florida, and Florida Career College (division of Anthem Education Group) in Lauderdale Lakes, Florida and Pembroke Pines, Florida. Schools reported that they were not told why the tape was confiscated or why similar action had been taken against other institutions in the area. The campus reopened the next day.
In June 2013, CCi revealed that he was being investigated by the Securities and Exchange Commission (SEC). CCi works with the SEC in its investigation. The SEC does not apply any action against CCi in connection with this investigation.
In November 2013, the US Consumer Protection Bureau reported that they are investigating CCi. In December 2013, CCi received the CFPB "Notice and Opportunity to Respond and Advise" notes. CCi responded by stating that "believes that actions and practices relating to student loans are legitimate and that the loan program is very important for many students." The company also explained that the loans offered under the program are "simple in size and have reasonable interest rates," and that the loan allows many students to attend lectures that otherwise would not have had the opportunity to do so. The average loan amount per borrower is $ 4,700 and the annual average interest rate is 8.5 percent and the maximum rate is 9.9 percent. Loans are only offered to students who have a gap between their tuition fees and available financial assistance from all other government and personal sources. The CFPB filed a lawsuit against Corinthian in September 2014 on loan programs and debt collection practices.
In April 2015, colleges were fined nearly $ 30 million by the US Department of Education. The department found the school has misled students and lending institutions about the prospects of graduates to find work. Within two weeks, the campus was closed.
Investigations of other countries
In 2004, a former student from Florida Metropolitan University initiated action against CCi, claiming that he was misled in connection with his school accreditation and his ability to transfer credit. The lawsuit is processed in arbitration based on agreement between the parties. After hearing all the evidence, the arbitrator finds supporting CCi on all counts and refusing the lawsuit.
In April 2005, fourteen students from Bryman College's Tacoma, Washington campus filed a lawsuit against CCi in the High Court of the State of Washington. Students claim that they are not receiving proper training for their careers in medical assistance, that they are misled about the status of program accreditation, their eligibility to take national certification exams, transfer their credits, and apprenticeship availability. The case was transferred to the United States District Court for the Western District of Washington and finally dismissed.
In August 2007, the State of Florida closed the investigation to Florida Metropolitan University without penalties, penalties or fault findings. The Florida Office of the Attorney General and the Florida Metropolitan University enter into an Assurance of Voluntary Compliance which recognizes that Florida Metropolitan University participates in the Florida State Ranking Numbering System to facilitate qualified credit transfers to other institutions. Florida Metropolitan University agrees to continue efforts to assist students with credit transfers and to provide students with clear disclosure.
CCi is awaiting the results of the regulatory investigations by the SEC and state prosecutors. On January 24, 2014, the Iowa Attorney's Office told CCi that they led the investigation by thirteen states into CCi business practices. CCi states that they intend to cooperate. No state prosecution case was tried and no findings were detrimental to CCi.
On February 23, 2015, fifteen former Corinthian Colleges students announced that they would be doing a "debt strike", refusing to pay the loans earned for their time at Corinthian schools. They originally called themselves "Corinthians 15", and after growing, on April 1, was known as "Corinthians 100" with 107 members. They are currently pursuing legal action "Defense against Refund" against Corinth. Representatives are met with the Ministry of Education and the Consumer Finance Bureau.
References
External links
- Official website (in English)
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- Archived April 27, 2015, on the Wayback Machine.
Source of the article : Wikipedia
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