(Corrects company name in the headline)
June 23 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
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