More than two years after Education Credit Management Corporation swooped in to purchase 56 Everest and WyoTech campuses previously owned by defunct for-profit college chain Corinthian Colleges, the company has finally changed the remaining schools’ names in a belated attempt to shed the stigma associated with the for-profit chains.
Zenith Education Group – the division operating the schools — announced this week that from here on out, the former Everest career college brand will be known as Altierus.
The schools, which were transitioned from for-profit to nonprofit status as part of ECMC’s purchase agreement, will undergo a brand change over the next several weeks.
Why The Delay?
ECMC first revealed its intention to purchase the Everest and WyoTech campuses for $24 million in Nov. 2014. The deal, which was met with criticism from consumer groups, was officially finalized in Feb. 2015.
However, the lack of a name change has proven confusing to consumers who continued to see Everest commercials despite knowing that Corinthian was no longer in operation. That’s about to change.
Zenith notes in its announcement that in the two years since it acquired the Everest campuses it has focused on “righting their course to provide a quality experience that helps students get good, family-supporting jobs in high-growth industries where skilled workers are lacking.”
“As a result of these widespread changes, our nonprofit offering is altogether different than it was at the time we acquired these campuses,” Peter Taylor, president and chief executive officer of Zenith Education, said in a statement. “We have therefore made the decision to change the name of our Everest campuses to Altierus Career Colleges.
What’s It Mean?
According to Zenith, the name Altierus was inspired by the company’s mission to provide a new, alternative pathway for students.
The name, meant to reflect the chain’s vision and transformation, was created by combining the school’s goal and purpose. For instance, Alt represents the fact that the chain offered an alternative to traditional colleges; tier refers to its goal of providing the “best-in-class experience that is a tier above existing models,” while us refers to the “faculty, career specialists and financial aid experts–serve as a team to care for the whole student.”
“Simply put, we help students build strong professional and personal skills… and we surround them with a community of accountable students and faculty to ensure they stay on track,” Taylor said.