A for-profit college with campuses across Florida may promise its students better careers and a better life, but according to the federal government, it's doing the opposite.
Corinthian Colleges is being sued by the government for lying about job prospects and forcing students to pay exorbitant interest on their loans.
According to the lawsuit, Corinthian's loose definition of a career included students who got a job lasting one day, and providing high-interest private loans that caused financial ruin for most students.
Most of Corinthian's 10 campuses operate under the Everest University brand, and runs its online operations out of Tampa. Currently, about 72,000 students are enrolled and it has over 10 campuses in 26 states and Canada.
The vast majority of Corinthian's revenue comes from taxpayers in the form of federal grants and student loans, receiving $1.4 billion each year.
In a statement, Corinthian Colleges said the lawsuit focuses on isolated incidents and the loans criticized are only obtained by less than 40 percent of the student body.
The U.S. Department of Education has ordered the company to sell or close its campuses in six months.
In February, the agency filed a lawsuit against ITT claiming predatory lending practices.
In the past decade, enrollment for for-profit colleges has grown from 9 percent in 2003 to 12 percent.