“The Corinthians College is one of the largest privately-for- profit colleges located in the United States. It began in 1995 and publicly traded in 2002 on the NASDAQ Exchange. It runs 97 post-secondary colleges in 25 States. In Ontario, a province in Canada, it has 14 Campuses. The post-secondary college offers a wide range of technical courses in the medical field, massage therapy, pharmacy technician, dental assisting, medical insurance billing and coding, medical administration assisting, and surgical technology.
Under the core-company’s name, there lies brand names dividing the campuses into the Everest, Heald and the Wylo Tech. The campuses under the Everest brand name were to shut down, while the other 85 schools that were operating under Heald, and Wylo Tech sold off (Kamenetz & O'Connor, 2014).
Apparently, there are allegations of the school falsifying students’ grades and their attendance. In addition, there is also an issue of falsifying job placement data used to market students in the school. Following all these allegations, the government gave Corinthians 21 days to follow-up; they were unable to give a clean paperwork, and could not comply with the Department’s request concerning the company’s practices (Long, 2014).
However, the Corinthian College has been put on surveillance for reasons of not closing the school immediately. The Department delayed its closure because the Corinthians has 72,000 students, who would be stuck trying to find other institutions to continue with their studies. With that suspension, the Department has given some short period to find buyers to keep most of their programs open and running under new management.
In addition, there is a financial reason for the school to remain open. The students had taken loans from the government; therefore, the school’s immediate closure would mean that, it would be unable to recover the money amounting to about $11.2billion. However, Senator Marco Rubio (R-Fla.) and Senator Mark Warner (D-Va.) came up with simpler ways to repay the loans (Weise, 2014).
The future of the continuing students in the college barely depends on the government allowance of new ownership of the college. Primarily, the new owners of the college will be forced to start up records in the college. Firstly, financial reports should be clear and up to date and should be updated and revised more often. In addition, qualified and effective personnel should be in place.
Secondly, as the company will have new owners, there must be a sure reliable source of funding. The funds should help employ effective and qualified personnel to work in the school. Through meeting every employee’s needs and requirements. In addition, there should be conducive working environment in the school and the vicinity. The learning environment requires modernization to avoid low grades and future reasons for poor performance. Therefore, there should be a set mark for performances and penalties for failure.
Thirdly, the school board should divide the school body and allocate duties to specific departments in that; the examination body will be more organized and aggressive. It will enable them to solve the issue of exam clarity and securing jobs.
In conclusion, colleges and learning institutions should not only be based on the monetary value as businesses or companies, but owners should also consider the institutions as places to offer a solid base for the child. Consequentially, as a solid investment for a child’s future, they should also be a place where an individual can get assistance services for lifetime careers.”
Kamenetz, A., & O'Connor, J. (2014, July 8). The collapse of the Corinthian Colleges. Retrieved from http://www.npr.org/blogs/ed/2014/07/08/329550897/the-collapse-of-corinthian-colleges
Long, K. (2014, July 2). 6 for-profit Everest College schools face probe, may close. The Seattle Times. Retrieved August 2, 2014, from http://seattletimes.com/html/localnews/2023980122_careercollegesxml.html
Weise, K. (2014, July 17). The Growing Consensus on Fixing Student Loans. Bloomberg BusinessWeek. Retrieved from www.businessweek.com/articles/2014-07-17/the-growing-consensus-on-fixing-student-loans