Heald, Corinthian Colleges file for bankruptcy

San Francisco (KRON)  Corinthian Colleges Inc. filed for bankruptcy, a week after closing its remaining 28 for-profit career schools in the biggest collapse in U.S. higher education.

Corinthian’s meltdown began last year after the Education Department reduced its access to federal student aid. The company agreed to sell half of its 107 campuses to Education Credit Management Corp. in November amid allegations that it falsified grades, attendance and job-placement rates. Corinthian received $1.4 billion in federal student aid in 2013 alone.

Corinthian schools once counted more than 74,000 students and over 10,000 employees, according to court papers. Corinthian operated three Everest College campuses in Aurora, Thornton and Colorado Springs and a WyoTech campus in Laramie. The company listed assets of $19.2 million and debt of $143.1 million in Chapter 11 documents.

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