Corinthian College Inc. reached an agreement with the U.S. Department of Education that will save it from closing down, according to news sources.
The agreement includes a plan to sell most of its campuses and “teach out” others, according to the Chronicle of Higher Education.
Corinthian said it was exploring “strategic alternatives” due to financial restrictions brought on by the Education Department, the Chronicle reported.
The temporary agreement will allow access to $16 million in federal student aid to keep the company running, according to the Los Angeles Times.
As part of the agreement, the Los Angeles Times reported, the company is forced to sell most of its campuses.
Still, the more than 72,000 students at Corinthian College Inc. campuses are able to continue their studies as the plan to sell or shut down the campuses hasn’t been finalized but is being prepared for, according to the Los Angeles Times.
The agreement also requires Corinthian to contract an independent monitor to oversee its finances and transition plan, according to the Chronicle.
Corinthian is one of the largest post-secondary education institutions in the country and is headquartered in Santa Ana, Calif.