What Staggering Loan Defaults At For-Profit Schools Say About Accreditors
Accreditation agencies have been the gatekeepers standing between colleges and millions of dollars in federal financial aid for more than half a century. But that role is in question after the stunning collapse of Corinthian Colleges.
The network of for-profit schools retained its accreditation even as the Obama administration cut off its access to federal student loans and grants for falsifying job placement and graduation rates. Corinthian faced government lawsuits and investigations for years that accused it of lying to students and committing fraud, but none swayed its accreditors.