Corinthian case moves through bankruptcy court, as feds try to spread word about debt relief to thousands of former students and Corinthian tries to sell assets ranging from campuses to typewriters.
The Policy Debate
Obama administration announces debt relief for tens of thousands of former Corinthian students -- and possibly many more students at that college and others.
Education Department steps up scrutiny of ITT's finances in wake of SEC charges, while two states ban company's eligibility for GI benefits.
Federal Trade Commission is latest agency to pursue for-profits, announcing that online Ashworth College has settled over allegations of misrepresenting transfer credits and state licensure prerequisites to students.
SEC charges ITT and top two executives with fraud, alleging they misled investors about huge losses in lending programs. Embattled company asks regulators not to run with fraud allegations until the court rules on them.
As Corinthian files for bankruptcy, Education Department officials race to head off the political firestorm over debt forgiveness sparked by unprecedented collapse of the for-profit college.
Education Department and community colleges try to help Corinthian students transfer, but Senate Democrats and consumer groups complain about for-profits as a transfer option.
The implosion of Corinthian Colleges came to an end Monday as the for-profit chain closed its doors for good -- but the political fallout for the Education Department remains.
Education Department turns up heat on for-profits with job-placement-rate scrutiny, three months before gainful-employment rules kick in. But lack of federal standards for placement rates causes confusion.
The final gainful employment rules have plenty of critics, but it's undeniable that the Obama administration has made a difference with its five-year crackdown on for-profits.
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