Dive Brief:

• The sudden closure of Corinthian Colleges Inc.’s last 28 campuses has left 16,000 students without a simple path to their degrees.
• The Chronicle of Higher Education reports that the Federal Student Aid Office has pulled together a list of colleges within 25 miles of each closed campus for students and will participate in transfer fairs at Corinthian, helping students find a new school or discharge their student loans.
• Students who do not transfer credits are practically guaranteed debt relief because their schools closed, but they’ll end up without a degree — and those who do try to transfer are likely to face trouble getting their credits to count or applying for additional loans, according to the article.

Dive Insight:

Corinthian Colleges Inc. sold most of its campuses last year after cash flow problems forced it out of business. The federal government put Corinthian on a stricter form of federal aid regulation that required it to apply for reimbursement of student aid payments instead of getting them up front. It was in the process of selling its remaining 28 campuses when the U.S. Department of Education announced a $30 million fine on Corinthian subsidiary Heald Colleges for misrepresenting job placement numbers. Combined with pending lawsuits, the fine just didn’t go over well with investors.