JACKSONVILLE, Fla. – A for-profit trade school raided by the FBI last month will close all seven of its campuses Saturday.
FastTrain College notified the Accrediting Council for Independent Colleges and Schools of the move on Tuesday.
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"When an institution closes, ACICS' standards require a teach-out plan that protects the interests of students during the transition period," the council said in a statement. "To that end, ACICS has required FastTrain to notify its students about its closure and to provide them with the opportunity to continue their program at another accredited institution without financial penalty."
"In consultation with the Florida Department of Education's Council for Independent Education, ACICS was able to identify a post-secondary institution that is an existing member of ACICS: Florida Career College (FCC)," the statement reads. "Students who were at risk of being displaced due to the untimely closing of FastTrain will be welcomed at FCC and may complete their studies without interruption. FCC has campuses near all former FastTrain locations, and offers similar programs including health care and IT courses."
FBI investigators served a search warrant at FastTrain's Deerwood Park Boulevard campus on the Southside in May.
Officials said it was part of a joint investigation with the U.S. Department of Education's Office of Inspector General regarding Pell Grants, federal money given to students in financial need who have yet to get their first college degree.
There was a major undercover investigation by the General Accounting Office in 2010 of for-profit trade schools, which receive billions in federal loans and grants.
The investigation uncovered "deceptive and otherwise questionable sales and marketing practices," according to a government inquiry.
Any students with questions or concerns can call the ACICS Student Help Line toll free at 866-510-0746.