Durbin Statement On Zenith Education Campus Closures
Debt Collector That Bought Failing Corinthian College Campuses Will Close All But Three Locations
WASHINGTON – U.S. Senator Dick Durbin (D-IL) today released the following statement after learning that Education Credit Management Corporation (ECMC) Group’s Zenith Education will close all but three of the remaining campuses of the collapsed for-profit chain, Corinthian Colleges. In 2015, ECMC Group spent $24 million for 56 Everest and WyoTech campuses and online programs – which accounted for 40,000 students – that were on the verge of immediate closure by the predatory Corinthian Colleges.
“Just a few years after buying the predatory for-profit Corinthian, ECMC is pulling the plug on its operation. It’s the latest in the long Corinthian saga, which left thousands of indebted students with nowhere to turn and America’s taxpayers holding the bag.
“For-profit colleges are crony capitalism at its worst. They grab billions of taxpayer dollars, take generous salaries, hand out worthless diplomas, and never look back as their ‘graduates’ struggle and often fail.”