Appreciating that long winded posts are tedious and annoying, I will keep this short. The Ministry of Education suspended the Everest Canada license on Thursday of last week because Corinthian was going to declare bankruptcy on Friday. Simple…but here’s why. If Corinthian declared bankruptcy prior the Ministry suspending the license to operate, the students would have no recourse for a refund and they would have become an unsecured creditor. In Canada, there’s a fund called the TCAF where Everest Canada had to secure a certain amount of funds to ‘protect’ the students. In February, the amount in the TCAF fund was $3 million. Therefore, if Corinthian declared bankruptcy prior to the suspension of its licence, they would have ‘stolen’ the $3 million from the students and they (the students) couldn’t access the funds for a refund or transfer the funds to another college to complete their program. In the end, the Ministry of Education did what was right for the student. Where in the CCI Pillars is the value of stealing from students?
7 replies (most recent on top)
521: Nailed it.
OP: Stealing from students (and taxpayers) is not one of the pillars - its the foundation of the whole structure.
Canadian ministry had the courage to do what the US Dept of Ed. did not.
It's true, you should see the teachers and staff at my campus. They know it's going down, and fast.
Must be true
Wow, that is awesome. I love Canada for that. Wish our government would protect us like that. I had also heard that Corinthian would file BK last week. Nothing yet, still waiting, any day.
Another uninformed person speaking on that which they don't know.