6 months ago
One of the largest for-profit college chains Education Corp. of America (ECA) announced Wednesday dozens of their locations are to be closed nationwide. The loss of accreditation was called the main reason for ECA closure. Previously, the Typical Student team told you about a similar situation with Corinthian Colleges SCANDAL: Can Students Hope For Loan Forgiveness? So, what should students enrolled with ECA do?
How Many US Students Are Affected by ECA Closure?
As told by USA today, Education Corp. of America is an Alabama-based venture running 75+ campuses across 21 US states. Under the ECA programs, a vast variety of educational services has been offered to students, including "career-focused" diploma and associate's degree programs. In October, the ECA reps claimed there was more than 20,000 students enrolled, although more recent documents claim 15,000 students is a more realistic number.
ECA Was In Debt
Earlier this year, ECA reported a nearly $50 million debt to unsecured creditors. So, ECA was planning to shutter 26 campuses to cut the expenses. Stu Reed, ECA's president and CEO, wrote a public letter to students citing changing Department of Education requirements during the company's restructuring as a challenge faced by ECA.
We’ll follow the ECA situation as it unfolds.
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