You have /5 articles left.
Sign up for a free account or log in.
A Missouri-based for-profit college chain announced it was shutting down as it faced growing financial problems.
Vatterott Educational Centers is the second national chain to close this month after Education Corporation of America announced it would close its campuses. Like Education Corporation of America, Vatterott cited restrictions on its access to federal student aid, known as heightened cash monitoring, as a factor in the closure.
The chain had been under the control of a court-appointed receiver for months and had sought out buyers before the closure, including ECA. It looked like a deal for a sale was in place in January, but it eventually fell through thanks to issues raised by accreditors involving ECA colleges.
Vatterott operated 15 campuses offering programs in mostly career education programs. The Accrediting Commission of Career Schools and Colleges, which accredited Vatterott Colleges, said it had plans in place for students to either complete their programs or transfer credits elsewhere.
