Some 39,000 college students will soon stop making tuition payments to a company that state and federal regulators allege advertised bogus job prospects to lure low-income Americans and instead will pay a federal contractor accused of abusing bankruptcy proceedings fighting troubled borrowers. Educational Credit Management Corp. -- a Minnesota-based nonprofit known as ECMC Group that derives most of its revenues from taxpayer-subsidized student loan activities, will pay $24 million to buy more than 50 career college campuses from Corinthian Colleges Inc.

 

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