(Corrects company name in the headline)
June 23 (Reuters) - Corinthian Colleges Inc said it reached an agreement with the U.S. Department of Education that would prevent the for-profit education provider from having a cash shortfall.
Corinthian said on Monday it would immediately receive $16 million in federal student aid funds earned through enrollments that will allow its students to continue their programs.
The college operator said last week that its ability to continue as a going concern was in jeopardy after the Department of Education extended the waiting period to draw down federal student aid funds.
(Reporting by Mridhula Raghavan in Bangalore; Editing by Ted Kerr)