Dive Brief:
- Ten days after filing for Chapter 11 bankruptcy, BioHealth and Bryman colleges have closed for good.
- The for-profit colleges had about 280 students at five California campuses, offering health care certificate courses in San Jose, Hayward, San Francisco, and Los Angeles, the San Jose Mercury News reported.
- Students can collect their transcripts, receive a full refund for federal loans, and possibly receive refunds for private college loans, books, and other expenses from the California Student Tuition Recovery Fund.
Dive Insight:
While BioHealth and Bryman were required by their accrediting agency to provide teach-out services, or arrangements for students to complete their courses at the colleges or at other schools, they apparently did not. Students have no assurances that other institutions will recognize any credits earned, and they may have to start over. Sam Shirazi founded BioHealth in 2003, then bought four Everest College campuses from Corinthian Colleges Inc. in 2013, renaming them Bryman. In that deal, BioHealth actually received $2.3 million from Corinthian, which is currently in the process of shuttering, as well.