Corinthian Colleges closes all of its for-profit schools

Just weeks after being hit with a $30 million fine from the U.S. Department of Education, Corinthian Colleges has closed all 28 of its remaining schools. The department had fined for-profit Corinthian for providing students with false job placement rates.

Corinthian announced the closure on Sunday in a statement and an email to its 16,000 students. According to NBC News, Corinthian's closure marks the "biggest shutdown in the history of higher education in the United States."

"What these students have experienced is unacceptable," the Education Department said in a statement. "As Corinthian closes its doors for good, the department will continue to keep students at the heart of every decision we make."

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