Over the past decade, there have been at least 65 state and federal investigations against for-profit colleges. More than 25 of these investigations have ended in court settlements or judgments worth over $1.5 billion. Yet to date, fewer than 35,000 people across the nation have been confirmed to have gotten any money back from their for-profit schools because of these court actions.
Corinthian Colleges was one of the world’s largest for-profit college chains – and one of the biggest moneymakers. But even in a boom-and-bust business, its closure and bankruptcy in 2015 was a remarkable collapse.