BioHealth College Inc., which owns for-profit colleges in four cities in California, has filed for bankruptcy, The San Jose Mercury News reported. While the colleges are operating, the U.S. Education Department placed them on "heightened financial monitoring" status, which could slow the flow of federal student aid dollars to the institutions. The colleges used to be owned by Corinthian Colleges, but were sold in 2013. The BioHealth CEO did not respond to requests for comment.
- As for-profit education sector faces financial woes and greater regulatory scrutiny, banks gain influence over colleges
- Under close U.S. scrutiny, Corinthian apparently mishandled federal funds, Justice Department says
- Major for-profit chain faces bankruptcy as feds turn up heat
- Corinthian's failure (and U.S. role in it) fuels for-profit critics
- For-profit Anthem Education abruptly closes campuses after filing bankruptcy
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