SANTA ANA (AP) — Corinthian Colleges Inc. and the U.S. Department of Education have reached an agreement that will allow the for-profit education company to receive an immediate $16 million in federal student aid funds.

On Thursday Corinthian cautioned that it may have to shut down because of its clash with U.S. regulators over student data. Corinthian, which owns the Everest College, Heald College and WyoTech schools, said then that the Education Department had limited its access to federal funds after it failed to provide documents and other information to them.

READ MORE: Feds: 'Head of the Snake' Taken Down In Nuestra Familia Prison Gang Bust

Corinthian said Monday that the memorandum of understanding reached will allow its schools to maintain daily operations without interruption. It currently serves about 72,000 students.

READ MORE: San Jose Man Charged In 'Horrific' Torture Murder Of 72-Year-Old

Details of the plan are expected to be finalized in an operating agreement by July 1.

Corinthian’s stock rose more than 33 percent in premarket trading.

MORE NEWS: COVID: Oakland, West Contra Costa Schools Mull Vaccine Mandates For Students

© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.