Corinthian Colleges Close

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Yesterday, the for-profit Corinthian Colleges announced it was closing the last of its campuses, effectively shutting out tens of thousands of students. The move comes after years of government scrutiny that involved the feds banning Corinthian from tapping into student loans. It's yet another comeuppance for for-profit colleges that took advantage of the Great Recession by promising easy college degrees for students who couldn't get into four-year universities. But Corinthian's controversies aren't anything new -- they've been battling lawsuits since 2004 alleging fraud. How did they stay in business for so long -- and what's next for students with tens of thousands of dollars in student loans?