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For-profit Higher Education
In a rare vote on Thursday, a federal advisory panel recommended denying recognition to the Accrediting Council for Independent Colleges and Schools, a much-maligned accrediting agency.
Kevin Carey writes: Currently, higher education consumer protection relies on a combination of state regulation, accreditation and market forces to ensure quality. The failures of ACICS-accredited colleges, along with many other for-profit and nonprofit colleges with low graduation and student loan repayment rates, suggest that the system often doesn’t work.
The Education Department has created new data reports on the performance of accrediting agencies, using measures such as graduation and loan repayment rates at colleges the agencies oversee.
A new study says students who attended for-profit private colleges in the United States to learn a trade saw their earnings drop. The report by the National Bureau of Economic Research said, on average, people who attended for-profit colleges made $920 less per year after they left school compared to before they started.
As part of the administration’s proposal, unveiled last week, to write new rules governing debt relief for student loan borrowers who were deceived or defrauded by their college, the Education Department had to outline its complicated analysis for gauging the plan’s potential hit to taxpayers.
Proposed federal rules would make it easier for people who have been cheated or misled by a college to have their student-loan debt forgiven, U.S. Department of Education officials say.
The Department of Education recommended Wednesday that the largest national accreditation agency lose the power to act as the gatekeeper between colleges and billions of dollars in federal financial aid, a step that could signal the end for the Accrediting Council for Independent Colleges and Schools.
The Education Department on Wednesday recommended that the organization that accredits many of the nation’s for-profit colleges and vocational schools shouldn’t be recognized, a step that could threaten access to nearly $5 billion in federal financial aid for more than 800,000 students.
Education Department unveils draft regulations for borrowers seeking federal debt forgiveness, which include an end to mandatory arbitration agreements and requirements for some for-profits to be on the hook to pay for debt relief.
Dowling College, a private institution on New York’s Long Island, is in dire financial straits thanks to mounting debts that have been exacerbated by falling enrollments. Global University Systems, known as GUS, provides capital to higher-education institutions and strengthens their recruitment efforts. The company is considering a deal with Dowling. Maurits Van Rooijen, chief academic officer of Global University Systems, said the company offers its partner institutions certain resources, such as global marketing operations and an online platform, that they could not build themselves. The Chronicle interviewed him to find out more about the company and how its potential Dowling deal came to be.