For-Profit College That Is Shutting Down Has Greensboro Campus

One of the nation's largest for-profit colleges announced this week that it was shutting down locations across the country.

Education Corporation of America is based in Alabama but runs a brand of facilities known as Virginia College.

One of them in Greensboro offered health care training, and another of the company's schools provided culinary training at the same location on South Holden Road, according to the company's website.

The announced closure comes after a watchdog group suspended accreditation over concerns of the company's financial condition. Without that accreditation, students would not be eligible for federal student loans.

Court documents filed by Education Corporation of America said lagging revenue left it unable to make payments on its debt or rental fees, and it was facing eviction at several campuses.

Still, the sudden closure drew criticism from the U.S. Department of Education, which says it had been working with the company to arrange a shutdown that gave students time to transfer.

Toby Merrill, who directs the Project on Predatory Student Lending at Harvard Law School, said students can ask the U.S. Department of Education to cancel loans if a school closes. However, that opportunity doesn't apply if a student transfers credits or if a school hires a successor to offer students classes to complete their programs.