Tomahawk, WI 06/24/2014 (Basicsmedia) – Corinthian Colleges Inc. (NASDAQ:COCO) has proclaimed that it has arrived at an agreement with the US Department of Education wherein the college would be getting a handsome amount of $16 million for their student aid funds. The proclamation came in account just after the college announced its internal decisions the other day. It warned that it would shut down its opening soon since its clash isn’t keeping down with US regulators regarding its student data; and also that the college is thinking to vend off some of its schools.
The agreement can be considered as a boon for the mercantile education company as the funds would be helpful for the students and eventually will help the institution keep going.
Corinthian Colleges Inc. (NASDAQ:COCO) revealed that last week the Education Department did limit its access to national funds as the college failed to provide the necessary documents and the required information.
It also added that the memo of consideration attained here with the Department of Education will help its schools to sustain their day-to-day operations without any stumbling block. The institute doles out approximately 72,000 students currently.
The Education Department has asked Corinthian to the enrollment documents along with the required in formation so that the process can be secured. In addition for the free flow of the whole procedure an independent cell has been approved by the agency, which will have complete access to the company’s financial and operating records.
Deal May Result In Sold Out Campuses
The deal between Corinthian Colleges Inc. (NASDAQ:COCO) and the federal government may lead to forceful sale of a number of schools along with the closure of the others, in the chain. On the contrary, the agreement still gives some sigh of relief for more than over 90 schools across the country, but all hopes rely on the final decision of the US Department of Education, as both of them entered the harmony.