Key Information for Current and Former Corinthian Students

Today, Education Credit Management Corporation (ECMC) announced that it will purchase more than 50 Corinthian College campuses across the country. The Department of Education released this announcement about the sale of Corinthian Colleges.

If you are a Genesis Loan holder:

The Consumer Financial Protection Bureau has released this Special Bulletin for Corinthian students with important information about the Genesis Loans program and borrower relief. The information includes:

  • ECMC will provide debt relief for both current and former Corinthian students who currently hold Genesis Loans.
  • ECMC will purchase and forgive approximately $480 million of Genesis Loans, providing debt relief for current and former Corinthian students.
  • Students who are eligible for private loan forgiveness will be contacted by their private loan services and notified of the benefit they have received and the remaining balance they owe.
  • Borrowers will see the amount they owe reduced by 40%.
  • Students who have negative reports on their credit reports due to their Genesis loans will automatically have those negative reports removed from their credit history.
  • Check out the CFPB’s Special Bulletin for more details.

How to find out if you are in the 40% of current students who may seek a refund:

Eligible students will be contacted by Zenith’s academic advisors to discuss the student’s options. Students will have seven days to choose between 1) remaining in the program; 2) transferring to another program; or 3) receiving a full refund.

Eligible students include:

  • All students currently enrolled in criminal justice, criminal investigation and homeland security associate degree programs.
  • Students currently enrolled in business programs, paralegal programs and diploma programs in criminal justice, criminal investigation and homeland security where more than 66% of graduates can’t find jobs.
  • A full list of programs is available at here, and listed at a chart in the bottom of this post.

Here is a more detailed version, from Zenith’s new website, of the three options eligible students can choose from:

  1. Complete your current program of study as you normally would, including receiving career planning and placement services to assist you in finding a job.
  2. Receive a voucher** of all educational expenses paid — while attending your current program — to be used for new courses upon a transfer to a different Zenith program of your choosing. Additionally, you will receive a refund if your educational expenses paid for your current program exceed the cost of a different program.
  3. Withdraw*** from the school and receive a full refund of all non-grant tuition and other fees paid to the school for your current program. For attendance in your current program, Zenith will pay:
    • To the government, the proceeds received from your federal student loans to reduce your loan obligation.
    • To the lender, the proceeds from a private student loan that the lender directly disbursed to the school.
    • To you, the proceeds you paid the school directly.

**Vouchers must be used within 12 months from the time of your election and can only be used to enroll in one alternative program within that time. The voucher cannot be used toward multiple programs or applied toward reentry into the program for which you were issued a voucher to exit. Any unused portion of the voucher will be forfeited after 12 months. Vouchers can be used for any Zenith-owned Everest or WyoTech program.

***If you elect to withdraw from the program and receive a refund, you further agree you will be ineligible to enroll in any Zenith-owned Everest or WyoTech program for a six-month period following the time of student election.

I want to know more about Higher Ed, Not Debt’s role in this.

Below is a list of campuses with programs with poor job placement rates in which students will be eligible for a refund:

Campus Program College City, State Accreditor
Aurora Accounting AS Everest Aurora, CO ACICS
Aurora Business Administration AS Everest Aurora, CO ACICS
Colorado Springs Business AS Everest Colorado Springs, CO ACICS
Colorado Springs Accounting AS Everest Colorado Springs, CO ACICS
Colorado Springs Legal Assistant/Paralegal AS Everest Colorado Springs, CO ACICS
Thornton Business Accounting Diploma (48 cr) Everest Thornton, CO ACICS
Thornton Paralegal AS Everest Thornton, CO ACICS
Jacksonville Accounting AS Everest Jacksonville, FL ACICS
Jacksonville Applied Management AS Everest Jacksonville, FL ACICS
Jacksonville Applied Management BS Everest Jacksonville, FL ACICS
Jacksonville MBA Everest Jacksonville, FL ACICS
Jacksonville Paralegal AS Everest Jacksonville, FL ACICS
Lakeland Accounting AS Everest Lakeland, FL ACICS
Lakeland Applied Management BS Everest Lakeland, FL ACICS
Lakeland Business AS Everest Lakeland, FL ACICS
Lakeland Business BS Everest Lakeland, FL ACICS
Largo Applied Management AS Everest Largo, FL ACICS
Largo MBA Everest Largo, FL ACICS
Largo Paralegal AS Everest Largo, FL ACICS
Largo Paralegal BS Everest Largo, FL ACICS
Melbourne Accounting AS Everest Melbourne, FL ACICS
Melbourne Applied Management AS Everest Melbourne, FL ACICS
Melbourne Business BS Everest Melbourne, FL ACICS
Melbourne MBA Everest Melbourne, FL ACICS
Melbourne Paralegal BS Everest Melbourne, FL ACICS
Orlando North Accounting AS Everest Orlando, FL ACICS
Orlando North Applied Management AS Everest Orlando, FL ACICS
Orlando North Applied Management BS Everest Orlando, FL ACICS
Orlando North Paralegal AS Everest Orlando, FL ACICS
Orlando North Paralegal BS Everest Orlando, FL ACICS
Orlando South Accounting AS Everest Orlando, FL ACICS
Orlando South Accounting BS Everest Orlando, FL ACICS
Orlando South Applied Management AS Everest Orlando, FL ACICS
Orlando South Applied Management BS Everest Orlando, FL ACICS
Orlando South Business AS Everest Orlando, FL ACICS
Orlando South Paralegal AS Everest Orlando, FL ACICS
Orlando South Paralegal BS Everest Orlando, FL ACICS
Pompano Beach Accounting AS Everest Pompano Beach, FL ACICS
Pompano Beach Accounting BS Everest Pompano Beach, FL ACICS
Pompano Beach Applied Management AS Everest Pompano Beach, FL ACICS
Pompano Beach Applied Management BS Everest Pompano Beach, FL ACICS
Pompano Beach Business BS Everest Pompano Beach, FL ACICS
Pompano Beach Paralegal AS Everest Pompano Beach, FL ACICS
Pompano Beach Paralegal BS Everest Pompano Beach, FL ACICS
Brandon Accounting AS Everest Tampa, FL ACICS
Brandon Applied Management AS Everest Tampa, FL ACICS
Brandon Applied Management BS Everest Tampa, FL ACICS
Brandon Business AS Everest Tampa, FL ACICS
Brandon Paralegal AS Everest Tampa, FL ACICS
Brandon Paralegal BS Everest Tampa, FL ACICS
Tampa Accounting AS Everest Tampa, FL ACICS
Tampa Accounting BS Everest Tampa, FL ACICS
Tampa Business AS Everest Tampa, FL ACICS
Tampa Paralegal AS Everest Tampa, FL ACICS
Tampa Paralegal BS Everest Tampa, FL ACICS
Dearborn Business Office Administration (900 hrs) Everest Dearborn, MI ACCSC
Detroit Business Office Administration (900 hrs) Everest Detroit, MI ACCSC
Springfield Business Accounting Dipl (48 cr) Everest Springfield, MO ACICS
Springfield Paralegal AS Everest Springfield, MO ACICS
Plainfield Business Accounting Everest South Plainfield, NJ ACCSC
Portland Business AS Everest Portland, OR ACICS
Pittsburgh Business Administration OAS Everest Pittsburgh, PA ACICS
Pittsburgh Paralegal AS Everest Pittsburgh, PA ACICS
Dallas Accounting AS Everest Dallas, TX ACICS
Dallas Business AS Everest Dallas, TX ACICS
Dallas Paralegal AS Everest Dallas, TX ACICS
Newport News Accounting AS Everest Newport News, VA ACICS
Newport News Business AS Everest Newport News, VA ACICS
Tacoma Paralegal AAS Everest Tacoma, WA ACICS
Henderson Accounting AS Everest Henderson, WV ACICS
Henderson Paralegal AS Everest Henderson, WV ACICS

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