“The ECMC Group, a nonprofit organization that runs one of the largest student-loan guaranty agencies, announced today that it will purchase 56 campuses from Corinthian Colleges, a crumbling, controversial for-profit chain,” Inside Higher Ed reports.
“ECMC will create a nonprofit subsidiary, called the Zenith Education Group, to run the campuses, which enroll more than 39,000 students. The sale price is $24 million, according to a corporate filing from Corinthian. After having absorbed more than half of Corinthian’s enrollment and assets, Zenith will operate the nation’s largest chain of nonprofit career-oriented campuses. …
The [Education D]epartment will receive $12 million of the purchase amount. If approved, the new chain presumably will not face limitations the department imposed on Corinthian, such as aid freezes or oversight by the independent monitor, Patrick Fitzgerald, a former U.S. attorney.”