So many people suggested that the approvals would come right away, but today we had a person suggest that the approvals would never come (ECMC post below). I've suggested that obtaining the necessary approvals (Various states, accreditation bodies, Department of Education) is not a quick and easy process, and would likely take 18 months, plus or minus 6 months. I highly doubt that CCi can make it that long, especially considering two campuses have been chopped from Title IV: Cross Lanes and Eagan. Beyond that, will enrollments ever begin again at ECP, including ECPO, Illinois, Iowa, Minnesota, CA vets, Virginia Vets, Florida Vets, New York Vets, and/or Illinois Vets (a double whammy, considering residents of Illinois cannot enroll anyway)? Let's not forget about the August Federal Grand Jury subpoena. I highly doubt that CCi will be a priority at any approval point.
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Not true: "If you were really employees of Corinthian you would know that the accreditation goes with the campus or group of campuses not with the owner. So if someone were to buy Heald and did not immediately change the curriculum they would be accredited." The new owner must be approved by the accreditation body, but before that happens, the new owner must get state approval.
Why do so many people fall for the rumors about ECMC buying CCi? ECMC is a debt collector not a college owner. CCi was trying to sell them student loans not campuses. It looks like that got shut down. Last week the rumor was Remington was buying. The week before CCi was merging with Education Management Corporation (EDMC). All this worrying about how long does it take to be accredited. If you were really employees of Corinthian you would know that the accreditation goes with the campus or group of campuses not with the owner. So if someone were to buy Heald and did not immediately change the curriculum they would be accredited. The problem is if they did have someone close to buying Heald did the actions of Calvet on Monday scare them off?
Anonymous30673- OP covered the criminal investigation.
If CCI files bankruptcy, they lose all FA funding and will essentially close immediately.
656, nope. Adding to OP.
30654... You're posting in the wrong thread
There are two differing approvals. Approvals to sell takes time and a lot of obstacles. If CCI files bankruptcy, then they will be seeking DIFFERENT approvals that have nothing to do with sales that the original poster was asking about. The original poster was referring to approvals for sales. I'm not sure what the first replier was referring to. That's why this posting has become confusing and a mess. Much like the school system. Who's on First? What's on Second?
Let's not forget there's a criminal investigation. And all instructors at ECPO have been witness to FA fraud by watching students remain in the classes, despite a lack of participation for weeks, even months at a time. Even of they shake hands, there's criminal activity that will have to be investigated and sorted out. And if it's not, that is tragedy for the students of CCI.
This post is too confusing. Moving on. How 'bout them Mets
"ED denied many pending new program approvals for certain of the institutions listed above that were in the process of recertification, and indicated that all Company institutions must now request ED’s approval for establishing eligibility of any new locations and programs and wait for ED’s decision prior to disbursing any Title IV funds to students attending such new locations and programs. ED indicated that it was denying new program approvals, and requiring pre-approval for new programs and locations, because of ED’s conclusions that the Company had admitted to falsifying placement rates and/or grade and attendance records at various institutions and because of ongoing investigations."
Once CCI is not the owner? That's the stupidest thing I've ever heard. Once they're not the owner, we are not employees. OP is right. CCI will close long before any sale happens.
Anonymous30646- 30631 suggested, "Once CCI is no longer..." Once CCi is no longer, then the approvals will come right away to transfer the student to competing schools. As long as CCi exists, the approvals will not be so quick, and ED will currently not approve any new programs for CCi.
- First off, I agree with 30639. One- CCI has not filed bankruptcy. They cannot just yet because their first attempt is to sell as many campuses as possible. You cannot sell campuses if you have filed for bankruptcy. When trying to sell campuses, you need approvals from various entities and regulators for the transaction. Now ... If there are no buyers, then CCI will file bankruptcy and approvals will only be for student debt relief or transferral of student body to another school system.
Anonymous30639- When schools go bankrupt, states and ED often look for another school to take the students. The new school cannot simply take the new students, since the programs often don't align (the whole transfer of credit and such). What can happen, and has happened in the past, is that the State regulators and ED go knocking on an existing school's door and ask for help. Guess what! The approvals come right away, and the state and ED generally leave the school alone with respect to such students. If you were a school, and the State and ED knock on your door asking for help, what would you do?
30631: Idiot... We need the approvals for the new owner. What do you mean when CCI is no longer the owner things will get approved quickly???
Yes, when ED comes knocking on your door and asks you to help with the displaced students, I'm sure plenty will happen, and quickly.
Once CCI is no longer the owner I think everyone will be surprised at how fast things will get approved.