Settlement to help some former Everest Institute students

Aug 17, 2017
Originally published on August 17, 2017 1:19 am

NYS Attorney General Eric Schneiderman says there has been a settlement that will help some of the students impacted by the sudden closure of programs operated by Corinthian Colleges.

When Everest Institute in Irondequoit closed in 2015, hundreds of students were left in debt and uncertain about their academic future.

Schneiderman says that as part of a settlement reached with the loan provider, Aequitas Capital, the nationwide payout totals just over $183 million. 

“Here in New York about 350 students will get a combined $2.4 million in relief back. On average, these students, mostly in the Rochester area, will get between six thousand and seven thousand in badly needed debt relief,” Schneiderman said.

Schneiderman says the settlement is subject to approval by a federal court in Oregon which is overseeing the financial receivership.  

Corinthian Colleges filed for bankruptcy two years ago, and a number of students were left with a lot of loan debt.