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 $175billion 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 $175billion 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 $12billion 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 hadn'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 $12billion 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
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