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Corinthian, Department of Education Reach Deal; Campuses To Be Sold

A troubled for-profit college corporation based in Orange County has reached a temporary agreement with the U.S. Department of Education that will allow access to $16 million in federal student aid, enough to keep the company afloat.

The agreement will allow more than 72,000 students at Corinthian Colleges Inc. campuses to continue studies, but the company is also formulating a plan to sell or shut down many of its remaining campuses.