Corinthian will sell the majority of its campuses, and teach out the remaining five. They are going to offer some kind of refund to certain students, but no details were released on that yet. The sale must happen within six months.
Some people are working to try to get the loans students have for these colleges discharged, but I don't know if that will happen.
Use Yah Blinkah!
And yes, the idea of profit associated with education is indeed antithetical to education itself. Most of these schools are not regionally accredited and degrees and credits earned there are not transferable.
Instead, community colleges are a wonderful resource. And just because it has the heading of "community" does not mean the academic standards are diminished. Here in Massachusetts, many instructors at community colleges are professors at other universities. Community college credits are also transferable; the associate's degree earned at one gains you automatic admission to complete a bachelor's degree at any state university in Massachusetts.