Corinthian Colleges will shut down all of its remaining 28 ground campuses , displacing about 16,000 students less than two weeks after the US Department of Education announced it was fining the for-profit institution $ 30 million . In a statement Sunday , the Santa Ana , California-based company said it was working with other schools to help students continue their education . The closures include Heald College campuses in California , Hawaii and Oregon , as well as Everest and WyoTech schools in California , Arizona and New York . Corinthian was one of the country 's largest for-profit educational institutions . It collapsed last summer amid a cash shortage and fraud allegations and its closures are believed to be the biggest shutdown in the history of US higher education . Corinthian Colleges , which was one of the country 's largest for-profit educational institutions and ran brands such as Everest and Heald , will close its schools after being fined $ 30million for misrepresenting job data . Corinthian CEO Jack Massimino ( left ) blamed regulators for his company 's failure to sell its schools , which doubled revenue for the company up to $ 1.75billion between 2007 and 2011 . The Education Department contends that Corinthian failed to comply with requests to address allegations of falsifying job placement data and altering grades and attendance records . It agreed to sell or close its campuses under pressure from the department . Earlier in April , the department fined subsidiary Heald College , alleging the school had shown a pattern of falsifying post-graduation employment data . In one instance , the company 's Honolulu campus declared a student had found work in her chosen field of accounting , even though administrators knew she was working at Taco Bell , the department said . The department found more than 900 incidents of false placement rates that were trumpeted to potential students and officials accrediting the schools , according to the Washington Post . The Department of Education also alleged that Corinthian would have staffing agencies temporarily hire its graduates so they could be counted as placements . Most of the company 's former schools have been sold , and Corinthian attempted to sell Heald as well but was blocked by California attorney general Kamala Harris ' refusal to provide prospective buyers with a release from liability . The company itself had doubled in revenue to $ 1.75billion during the period between 2007 and 2011 due to jobseekers going back to school to get new skills , according to the Los Angeles Times . It said Sunday it had been in 'advanced negotiations ' with several parties to sell the 150-year-old college and allow outside partners to let Everest and WyoTech students continue their education but was unsuccessful . The institution sold many of its schools , though it failed to sell some after California Attorney General Kamala Harris ( left ) did not give buyers release from liability . Students at schools such as WyoTech ( pictured ) generated $ 1.2billion in government loans in Corinthian 's final year , though they now face the prospect of high debt and possibly meaningless degrees . 'Unfortunately , the current regulatory environment would not allow us to complete a transaction with several interested parties that would have allowed for a seamless transition for our students , ' Corinthian CEO Jack Massimino said in a statement . The company also defended its work , saying its graduation and job placement rates 'compared favorably with community colleges ' and that many of its students had n't been able to get their needs met at a traditional higher education institution . 'Neither our board of directors , our management , our faculty , nor our students believe these schools deserved to be forced to close , ' Massimino said . A group of current and former Corinthian students are petitioning the Education Department to waive their federal student debt based on the alleged misconduct . Roughly 400 Corinthian students filed defense to repayment claims based on Corinthian having broken the law . According to the company 's filings , the schools generated $ 1.2billion government loans its final year . Though the shutdown had been anticipated , Corinthian gave students , some of whom were scheduled to graduate in the coming months , no notice that its institutions would be closed on Monday . 'It was very shocking to be told 'hey , tomorrow , no more school , ' Alexandra Roske , a student and single mother at Heald College in Salida , California , with $ 18,000 of student loan debt told KCRA . Transferring credits may be difficult , especially given the reputation that the credits from Corinthian - and graduate 's degrees from the institution - have taken on in light of their school 's misdeeds . Some have questioned why government officials allowed students to continue to enroll at the schools with their shutdown imminent . California regulators ordered the schools to stop taking on new students earlier this month after Corinthian could not produce the required financial papers . The state 's Department of Consumer Affairs will be holding meetings at some of the closed schools .
For-profit school closing after being fined $ 30million by Dept of Education . Corinthian found to have misrepresented student job placement data . Oregon-based company closes schools , largely on the West Coast . Students face thousands in student loan debts with no answers as to whether they will receive refunds . Institution generated $ 1.2billion in government loans its final year .