Corinthian Colleges, Inc.NASDAQ
Thu, Apr. 7, 3:01 AM
- More than 40% of the roughly 22M Americans who borrowed from the government's main student-loan program aren't making payments or are behind on more than $200B owed, according to a quarterly snapshot of the Education Department's $1.2T student-loan portfolio.
- The Obama administration maintains that the loan program, as a whole, will generate a profit over the long term, but the risk is rising that millions of students may never repay and revenue won't meet projections.
- Related stocks: CECO, STRA, COCO, ESI, ITT, BPI, LINC, DV, LOPE, APEI, APOL
Nov. 18, 2015, 12:26 PM
- A probe by the Department of Education and California Attorney General found Corinthian Colleges (NASDAQ:COCO) overstated school placement rates by a large percentage in order to help attract students.
- Corinthian Colleges closed operations last year amid intense scrutiny.
- It's another black eye for the for-profit education sector which has seen several scandals over the last year.
- YTD performance of some of the for-profit players: Apollo Education (NASDAQ:APOL) -79%, DeVVry (NYSE:DV) -52%, Capella (NASDAQ:CPLA) -40.7%, American Public Education (NASDAQ:APEI) -38%, Bridgepoint Education (NYSE:BPI) -31%, Strayer Education (NASDAQ:STRA) -32%, K12 (NYSE:LRN) -22%, Grand Canyon Education (NASDAQ:LOPE) -17%.
Aug. 27, 2015, 2:12 AM
- A bankruptcy judge has approved Corinthian Colleges's (OTCPK:COCOQ) liquidation plan, which sets aside millions of dollars in debt relief for former students.
- Late last year, Corinthian sold off more than half its campuses following multiple probes into whether it misled investors and students about its finances and job placement rates.
- Corinthian abruptly closed its remaining 28 schools in April, becoming the largest failure in for-profit higher education.
Jun. 9, 2015, 5:11 AM
- The Obama administration has announced it will forgive federal student loans owed by Americans who can prove their schools broke a state law, such as false advertising, fraudulent recruiting or other deception, to lure them to apply and borrow funds.
- The move, which could potentially involve billions of dollars, is designed to grant debt relief to former students of now-bankrupt Corinthian Colleges (OTCPK:COCOQ), which lied to prospective students about its graduates' job success. The forgiveness push, though, will likely stretch far beyond the institution.
May 4, 2015, 10:25 AM
Apr. 27, 2015, 1:37 PM
- For-profit education stocks are getting bashed after Corinithian Colleges (COCO -25.9%) closes all of its schools in a development that throws a spotlight on the sector.
- CNBC reports it's the largest shutdown in the history of higher education in the U.S.
- Previously: Education stocks on watch after Corinthian Colleges shuts down (Apr. 27 2015)
- Decliners: Apollo Education (NASDAQ:APOL) -1.5%, Career Education (NASDAQ:CECO) -7.1%, Strayer Education (NASDAQ:STRA) -1.7%, Lincoln Education (NASDAQ:LINC) -1.3%, Education Management (NASDAQ:EDMC) -4.1%, National American University Holdings (NASDAQ:NAUH) -1.8%, American Public Education (NASDAQ:APEI) -1.3%.
Apr. 27, 2015, 7:27 AM
- For-profit education stocks could see some volatility after Corinthian Colleges (NASDAQ:COCO) decides to shut down 28 schools in a move that will displace close to 10K students.
- The abrupt closure is receiving significant attention from student advocacy groups and increase the chances of politicians stepping into the for-profit fray.
- On watch: APOL, CECO, DV, STRA, ESI, LOPE, APEI, LINC, BPI, LRN, EDU, NAUH.
Mar. 31, 2015, 10:35 AM
- A group of Corinthian College (NASDAQ:COCO) students are attempting to back out of their student loan obligations after the company closed campuses to diminish the value of degrees from the institution.
- The students have some support from the CFPB in their bid for debt relief, although the federal agency won't advocate for non-payment.
- The development is another bright spotlight on a sector already reeling from enrollment losses.
- "I just turned 22 and I have this much debt and I have nothing to show for it," summed up one Corinthian student on her plight.
- On watch: Career Education (CECO -2.3%), ITT Educational Services (ESI -2.2%), Education Management (EDMC -7.3%), Strayer Education (STRA -1%), DeVry Education (DV -0.5%).
Mar. 18, 2015, 11:33 AM
- Select for-profit education stocks have spiked higher despite a flurry of negative news on the sector over the last few weeks.
- The sector has an eye on Washington where a proposal by President Obama to make public junior college free is a potential threat to admission numbers.
- Advancers include Bridgepoint Education (BPI +6.2%), Apollo Education (APOL +1.7%), Corinthian Colleges (COCO +9.3%), Strayer Education (STRA +2.5%), ITT Educational Services (ESI +3.1%).
Mar. 12, 2015, 9:34 AM
- The Treasury Department and Department of Education are looking into a proposal to make it easier for student loans to be included in bankruptcies.
- Though the bankruptcy angle is only a small portion of the comprehensive Student Aid Bill of Rights aimed at the lending industry, it's expected to be one of the most controversial aspects of the proposed legislation.
- For-profit education stocks: APOL, CECO, COCO, DV, STRA, ESI, LOPE, APEI, LINC, BPI, LRN, EDU,
Jan. 9, 2015, 3:03 AM
- President Obama has unveiled a proposal to make community college free for the first two years, with federal funding covering three-quarters of the cost and states that participate contributing the rest.
- "We have to make sure that everybody has the opportunity to constantly train themselves for better jobs, better wages, better benefits," announced Obama.
- The White House expects an estimated 9M students to participate in the program and save $3,800 a year on tuition.
- Education Stocks: CECO, STRA, COCO, ESI, ITT, BPI, LINC, DV, LOPE, APEI
- APOL -0.7%; EDMC -6.1% AH
Jan. 3, 2015, 10:50 AM
- "The for-profit sector is dead," is the grim assessment from sector pioneer Michael Clifford.
- Tougher federal regulation enforced by the Obama administration and increased scrutiny by students on the value of diplomas have chipped the growth story down to a nub.
- Excess capacity in the sector could lead to tuition price cuts in 2015, warn analysts, particularly for post-secondary medical and technology programs.
- On watch: DV, APOL, STRA, ESI, CPLA, BPI, EDMC, COCO, APEI, LINC, NAUH.
- Grand Canyon Education (NASDAQ:LOPE) could be the outlier in the group. The stock managed a 4.6% over the last year on a higher mix of traditional campuses.
Nov. 19, 2014, 1:37 PM| Nov. 19, 2014, 1:37 PM
Sep. 16, 2014, 7:02 PM
- Corinthian Colleges (NASDAQ:COCO) fell 30% during today's trading on news that the Consumer Financial Protection Bureau is suing the for-profit college on grounds that it deceived students and harassed them to collect on student loan debts.
- The federal agency accuses COCO of using false promises of employment prospects to lure students, inducing them to take out predatory loans, and publicly humiliating them when they couldn’t pay.
- COCO reached an agreement with the government in June to shut down or sell all of its 97 U.S.-based schools amid allegations of abusive financial practices.
Jul. 16, 2014, 9:03 AM| Jul. 16, 2014, 9:03 AM
Jul. 11, 2014, 2:29 PM