FOR IMMEDIATE RELEASE: December 13, 2016
Americans for Financial Reform applauds the Department of Education’s final decision to de-recognize a major accreditor of for-profit colleges, the Accrediting Council for Independent Colleges and Schools (ACICS). As the accreditor for predatory for-profits like Corinthian and ITT Technical Institutes–schools that have been sued by federal regulators and state law enforcement for fraud against students and investors–ACICS failed in its responsibility to properly oversee the quality of the schools it accredited. As one example, ACICS rubberstamped the now-bankrupt Corinthian Colleges until the day it shut down. The Department’s decision to no longer recognize ACICS is an important step toward ensuring that students and taxpayers do not bear the burden of illegal and fraudulent acts by for-profit colleges.