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July 4, 2014
08:05 EDTCOCOCorinthian Colleges signs operating agreement with Department of Education
Corinthian Colleges announced that it has signed an operating agreement with the U.S. Department of Education that establishes a transition plan for its 107 campuses and online programs, and allows its students to complete their educational programs. ED has also provided for an immediate drawdown of Title IV funds for currently enrolled students and a mechanism for continued funding while the agreement is in place. The operating agreement is consistent with the Memorandum of Understanding announced by the Department and Corinthian on June 23. Under the terms of the agreement, Corinthian will put 85 of its U.S. schools up for sale, and "teach out" operations at 12 other schools. Corinthian agreed to work toward signing definitive agreements for campus sales in approximately six months. Separately, the company will also begin a sales process for its Canadian schools. ED will also appoint an independent compliance and business Monitor who will serve as the primary liaison between Corinthian and ED. Corinthian has agreed to suspend enrollment of new students until July 8, when ED and Corinthian plan to have the Monitor in place.
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