We discussed previously a "debt strike" launched by students of the for-profit chain Corinthian Colleges, which faces multiple legal actions from state and federal regulators over claims that it misled students about job prospects and graduation rates (see our prior discussion about one such action here).
Now the company is closing its schools, reports the Washington Post:
Controversial for-profit giant Corinthian Colleges said Sunday it is closing the doors of its remaining 28 schools, capping the year-long collapse of one of the country’s largest career college chains.
The closure will leave some 16,000 students without certificates or degrees but with a good chance of having their federal student loans forgiven.
This development is a testament to the power of active government regulators to police fraud.
Read the whole Post story here.
