NEW YORK, Sept. 22, 2014 /PRNewswire/ -- Corinthian Colleges, Inc. (NasdaqGS: COCO) – Following new Federal regulations in 1992 known as the "90-10 rule", growth in "for-profit education" accelerated significantly in both revenues and student enrollment. According to the Chronicle of Higher Education (www.chronicle.com), by 2010 enrollment in the country's 3,000 career colleges ("for-profit" schools) had grown by an average of 9% a year for the past 30 years, versus 1.5% per year for all educational institutions. This enrollment growth resulted in $26 billion in revenues for the for-profit sector in 2009. This rapid growth and significant growth in loans and grants received by these schools (reaching almost $32 billion during the 2009-2010 school year) resulted in increased scrutiny by a number of government agencies, including the Department of Education and the Consumer Financial Protection Bureau.
Corinthian Colleges, Inc. (NasdaqGS: COCO), is one of the largest for-profit, post-secondary education companies in North America. The company offers associate, bachelors, and master's degree programs in areas including healthcare, criminal justice, business, information technology, transportation technology and maintenance, and construction trades. As of June 30, 2013, the company had approximately 81,300 students and 15,200 employees, including 6,000 faculty.
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