"Corinthian Colleges is boosting its profits by increasing student enrollment, but the downside for the for-profit operator of North American colleges and trade schools is that it now expects an increased number of defaults," Forbes reports. "'During the fourth quarter, we implemented several changes to offset the loss of Sallie Mae private loans for students with subprime credit profiles. We established a new company-sponsored student lending program, ACCESS, and thus far, have arranged financing for the vast majority of students through Title IV, cash payments, ACCESS and other resources,' said Corinthian Colleges Chief Executive Officer Jack Massimino. Corinthian said student loan defaults increased to 9.1% of revenue in the fourth quarter vs. 6.2% in the prior year. Revenue for the quarter rose 18.3% to $274 million, from $231.6 million a year earlier, below analysts’ expectations of $276.6 million."