For-profit college to sell most campuses

WASHINGTON (AP) — The troubled for-profit education company Corinthian Colleges Inc. and the Education Department reached an agreement late Thursday that has 85 of the company's 100-plus campuses going up for sale, and 12 others closing.

Corinthian owns Everest College, Heald College and WyoTech schools. It serves about 72,000 students in 26 states and Ontario, Canada, and receives about $1.4 billion in federal financial student aid annually. The highest concentrations of students are in California, Florida and Texas. Students generally receive career training in areas such as auto mechanics or health care.

Jack Massimino, Corinthian's chairman and chief officer, praised the agreement in a statement.

"This agreement allows our students to continue their education and helps minimize the personal and financial issues that affect our 12,000 employees and their families," Massimino said. "It also provides a blueprint for allowing most of our campuses to continue serving their students and communities under new ownership."

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