Friday, April 30, 2010

For profit colleges criticized by Education Department leader

The U.S. Department of Education's Robert Shireman compared the growth of for-profit colleges like Corinthian, the Art Institute and Strayer, all of whom have announced that they will establish campuses in Milwaukee, to the Wall Street firms that caused the nation's financial collapse.

Shireman called the colleges out by name for the vast and quickly increasing sums of federal student aid money they are drawing down and noted that most of them are accredited by agencies composed of their peers, creating a conflict of interest reminiscent of that between Wall Street and the accrediting agencies that turned a blind eye to the reckless trading that created the worst financial panic since the Great Depression.

The full story from Inside Higher Ed is linked.

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