LOS ANGELES – Everest College in Colorado Springs and a related 350-person call center on Garden of the Gods Road are being sold to a nonprofit entity as part of an agreement by their parent company, Corinthian Colleges Inc., to sell off 56 of its campuses for $24 million.

The deal between Santa Ana, Calif.-based Corinthian and Minnesota-based Educational Credit Management Corp., which collects student loan debt on behalf of the federal government, represents a large share of Corinthian’s campuses. In July, Corinthian agreed to sell off 85 campuses and wind down operations at 12 others as part of a settlement with the U.S. Department of Education.

The sale of Everest and WyoTech campuses to the ECMC Group will allow more than 39,000 students to continue attending class, the company said Thursday. A Corinthian spokesman said Thursday that the Colorado Springs campus and call center will continue to operate as usual.

Corinthian has been in the cross hairs of federal and state authorities over the past year amid allegations that the company falsified student job placement rates and misled prospective students by persuading them to take on too much debt. The U.S. Department of Education temporarily suspended the company’s access to federal student aid in June, which brought the company to the brink of collapse.

Corinthian agreed to sell off the vast majority of its schools in July, in exchange for temporary cash transfers. But the company had not announced sales until Thursday.

The deal is contingent on approval by the Education Department and other regulatory agencies.

Education Department undersecretary Ted Mitchell said the agency supported the sale of the Corinthian schools.

“We are pleased to help students transition from a problematic for-profit company to a nonprofit that is committed to giving students a new start and more opportunities for success,” he said in a statement.

Corinthian will still own 39 campuses in California and Canada, but is seeking buyers for them.

ECMC Group will convert the schools it has acquired from Corinthian into nonprofits. David Hawn, president and chief executive of ECMC Group, said in a statement that the nonprofit also would work to reduce tuition and improve job placement at the schools.

“We are bringing our resources to bear to transform Everest and WyoTech into schools that are synonymous with student success – measured by strong program completion and job placement rates,” Hawn said.

On Wednesday, the Nasdaq stock market notified Corinthian that it was no longer in compliance with listing requirements after failing to file mandated financial reports.