29 Jun 11

Corinthian Colleges Announces New Program With ASFG, LLC to Provide Approximately $450 Million in Student Lending

Corinthian Colleges, Inc. announced today a new private education discount loan program with ASFG, LLC for Corinthian students . ASFG intends to fund approximately $450 million in new student loans over the next two years. Under the ASFG Program, an unaffiliated lender will continue to make private education loans to eligible students and subsequently sell those loans to ASFG or its designee.Under the Company’s existing student loan program, the unaffiliated lender sells the loans to Corinthian.

“We began our internal student lending program in 2008 when the credit crisis made it virtually impossible for students to find gap financing,” said Jack Massimino, Corinthian’s chairman and chief executive officer.”Our program provided an essential service for students, but it was not our intention to remain a lender over the long term.Our partnership with ASFG makes it possible to provide a source of loans for students who need financing in addition to federal and other student aid programs.In addition, our agreement with ASFG provides us with accelerated cash flows and assists us with meeting the 90/10 Rule, particularly after the Congressional relief associated with internal lending expires in July 2012.”

The ASFG Program will be made available to Corinthian students starting in the first quarter of fiscal 2012.As with the Company’s previous discount loan program, under the ASFG Program the Company will pay a discount to ASFG for any loans purchased by ASFG and record the discount as a reduction to revenue.Under a backup loan purchase agreement with ASFG, the Company will be obligated to purchase any of the student loans on which no payment has been made for over 90 days. The Company expects its financial risk under this loan program to be substantially similar to the risk associated with its existing discount loan program.

Under the agreement with ASFG, the Company is required to pay certain discount, transaction, management, origination and default aversion and other ancillary fees of approximately $17 – $19 million per year, which is incrementally $10 – $12 million higher per year than the fees payable under the Company’s existing loan program.The loan origination agreement contains standard representations, warranties and covenants made by each party, as well as limited termination rights and customary events of default.

Separately, the Company sold to ASFG, on a non-recourse basis, part of its current portfolio of student loans for approximately $24 million, with no material gain or loss on the sale.In the fourth quarter of fiscal 2011, the Company expects to incur a one-time impairment charge of approximately $7 million associated with the sale of these loans.The charge is due to the write-off of receivables and liabilities, primarily imputed interest.

For more detail about the ASFG Program, please see the 8-K filed today with the Securities and Exchange Commission.

About Corinthian Colleges, Inc.

Corinthian is one of the largest post-secondary education companies in North America. Our mission is to change students’ lives. We offer diploma and degree programs that prepare students for careers in demand or for advancement in their chosen fields. Our program areas include health care, business, criminal justice, transportation technology and maintenance, construction trades and information technology. We have 123 Everest, Heald and WyoTech campuses, and also offer degrees online. For more information, go to .

Certain statements in this press release may be deemed to be forward-looking statements under the Private Securities Litigation Reform Act of 1995.The company intends that all such statements be subject to the “safe-harbor” provisions of that Act.Such statements include but are not limited to, those regarding our beliefs and expectations regarding the amount of student lending to be made available under the ASFG Program, the anticipated acceleration of cash flows, the expected benefits for the Company’s 90/10 compliance, and the cost of the Company’s repurchase obligation.Many factors may cause the company’s actual results to differ materially from those discussed in any such forward-looking statements or elsewhere, including the performance of loans under the ASFG program and student borrowing patterns.Other risks and uncertainties are described in the company’s filings with the U.S. Securities and Exchange Commission. The historical results achieved by the company are not necessarily indicative of its future prospects.The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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Filed in Education Articles
  Posted by Brodie Mollison
Tagged 450 Million, Corinthian Colleges, Student
28 Jun 11

Summer School: Benefits of Taking College Summer Classes

Other students understand the multiple benefits of taking college summer classes and decide to enroll in a few courses instead. Don’t worry, it is possible to balance extra schoolwork with relaxation, and besides—you might realize that some of these benefits are too good to pass up!

Shorter Class Duration

Summer sessions are much shorter than the fall and spring semesters, meaning that you’ll be able to earn college credit in a shorter period of time. For example, during Summer 2011, the University of South Florida is offering summer sessions which last from May 16 through June 24, and June 27 through August 5. One of the University of Georgia’s 2011 summer sessions runs from May 17 through June 7—quite a difference from 16-week semesters!

Keep in mind, though, that shorter class duration translates into longer class sessions. You will most likely have to attend class every single day of the week for several hours per day during the summer, as opposed to twice per week for an hour or two during the regular school year. Because there will a lot of information to cover in a shorter time span; coursework, term papers, and exams will seem much more intense.

Get Extra Credits and Graduate on Time

The University of Pittsburgh promotes summer school as a way for students to take classes and labs that are often full during the more-crowded fall and spring semesters, a scenario that is common at many colleges. In fact, some students aren’t able to graduate in four years due to overcrowded classes, but summer school may help you graduate on time. If that isn’t an issue in your case, summer courses can help lighten your load during the regular school year—giving you more time to work or more personal time.

Get Familiar with Your New College

Many colleges and universities encourage incoming freshmen to enroll in summer classes to get a jump start on things. Some schools even offer programs for younger students, giving them the opportunity to take certain courses for college credit before they even graduate from high school.

The North Carolina State University Summer START program provides incoming college students with the ability to get off on the right foot while building a strong sense of community.

Free tutoring and structured study groups are only two of the many benefits NCSU offers in the summer, and nearly all Summer START participants completely enjoy their experiences—their grades even reflect their enthusiasm! Research found that all Summer START 2010 students agreed they made new friends they could count on during the fall semester while over 94% of students understood what was expected of them in college after completing the program.

Experience All the Benefits with Fewer People Around

The majority of college students who live on-campus pack up and head home for the summer, which means that some residence halls will be closed, dining facilities will be less crowded, and there will be far fewer people on campus than usual.

It might seem strange at first, but experiencing the benefits of your college—computer labs, libraries, gyms and workout facilities, and more—without fighting through crowds will be a welcome change. You’ll most likely be able to speak with your professors one-on-one without waiting several days for an appointment.

College Summer School Alternatives

If you’re unable to enroll in summer classes because of financial restrictions or any other reasons, there are other educational alternatives that may interest you:

Internships

There has been quite a bit of controversy over unpaid internships in recent months, as Inside Higher Ed pointed out in April 2011, but it is possible to land a decent-paying quality part-time job or an ethical internship in your field of study during the summer. You’ll gain experience, learn some inside information from people with established careers, and have a bit of an edge over your classmates simply because you took the initiative to learn outside of the classroom setting.

Volunteering

Volunteer work is another great idea for college students who decide to pass on summer courses. You can volunteer a few hours per week or a few hours per month while keeping a part-time job to boost your bank account. Not only does volunteering allow you to help others, it provides the opportunity to learn about various organizations and how they are run. The College Board even points out that volunteering can help students develop leadership skills that will last a lifetime.

P.S. Volunteering is also an excellent way to network—you never know who you might meet!

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Filed in Learning Portal
  Posted by Abbey Santo
Tagged Classes, College Summer, College Summer Classes, Summer Classes
28 Jun 11

VCU Health System Celebrates Repeat Magnet Designation for Nursing

On June 24, the Virginia Commonwealth University Health System celebrated its recent re-designation as a Magnet hospital by the American Nurses Credentialing Center. The Magnet honor is the most prestigious honor and level of recognition awarded for nursing excellence in national and international health care. VCU first earned the designation in 2006. The celebration last week featured remarks, dancing and singing and a reception.

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Filed in Education Tips
  Posted by Samantha Bischof
Tagged Health System, Magnet
28 Jun 11

Investigating Charter Schools Fraud In Philadelphia

Charter schools are taxpayer-funded schools that are overseen by their own independent boards. Because of their independence, they are allowed to do things that traditional public schools cannot do. School administrators can experiment with things like the length of the school day and the makeup of each school’s curriculum.

With that freedom, charter schools have become academic beacons for parents looking to find the best and safest schooling options for their children. But the system’s lack of oversight has also created problems. In recent years, there have been investigations in states, including California, Texas, Ohio and Pennsylvania, which found charter school CEOs taking money from their own schools, putting unqualified relatives on their payrolls and engaging in other questionable activities.

On Monday’s Fresh Air, Philadelphia Inquirer reporter Martha Woodall details her ongoing investigation into Philadelphia’s charter school system, where 19 of the 74 charter schools operating in the city are under investigation for fraud, financial mismanagement and conflicts of interest.

Corruption And Fraud

At one school, the Philadelphia Academy Charter School, parents raised concerns in 2008 after school administrators told them that there was no money available for special education students.

“The school kept saying ‘We don’t have money [for these students],’ ” Woodall tells Fresh Air‘s Terry Gross. “However, there was money being spent on all kinds of other issues. [When parents] raised questions at the Board of Trustees meetings, [they] were basically told, ‘We don’t want you asking questions.’ “

Ultimately, both the founding CEO of Philadelphia Academy Charter School and his successor were charged with stealing almost $1 million from the school’s coffers, including money students had collected for a Toys for Tots campaign. The two men — one of whom had only a high school education — also allegedly engaged in questionable real estate deals. As a result, the high school paid rent money for its facilities directly to them.

“They charged really high rental rates for the school to use the building and then they accumulated money through the higher rates,” she says. “They were using taxpayer money that was supposed to go to the school for other purposes.”

In addition, both the school’s founding CEO and his successor had relatives on the school’s payroll. The founding CEO’s wife was the head of the board of trustees.

“They were making more money and supervising people who had far more experience and more credentials than they had,” she says. “In order to keep the school open, the Philadelphia School District required the top administrators to leave and required a replacement of the board, and the board then basically fired all of the relatives. They wanted to sever all ties with all of the families involved.”

But Philadelphia Academy Charter School wasn’t the only charter school in Philadelphia with ethical and financial problems.

“We’ve had cases here where large numbers of family members are on the payroll and [other instances where there were] contracts awarded to relatives and friends that include leases on luxury cars,” she says. “Part of the problem that we have found is that the boards that are overseeing some of these schools are not involved as deeply as they should be. … They may be friends of the CEO and therefore they’re reluctant to provide the type of oversight that they should be providing.”

School districts are supposed to monitor charter schools’ academic progress. In the Philadelphia School District, says Woodall, there are seven people overseeing all 74 charter schools in the district — but that office will soon be halved owing to budget cuts.

“You have so few people keeping track of the charter schools,” she says. “They don’t have opportunities to go out and visit the schools and pay too much attention until the charters are up for renewal. So that gives several years in between where people can get away with things.”

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Filed in Education Articles
  Posted by Brodie Mollison
Tagged Charter Schools, Schools
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