Dick Durbin: “ACICS has shown time and again that it is not a reliable authority when it comes to the quality of an education. It is…”

“ACICS has shown time and again that it is not a reliable authority when it comes to the quality of an education. It is not a responsible steward of taxpayers' dollars. Follow the money in this case. Think of schools like Corinthian that took billions of dollars out of the Federal Treasury through loans that are assigned to students and paid into Corinthian so they can maintain their operations and pay handsome salaries to their CEO. Now they go bankrupt, and at that point the students of Corinthian have a choice. They can keep their worthless semester hours from Corinthian and keep their debt or they can walk away from both. Well, many of them choose to walk away. When they walk away, they have wasted years of their lives, but even more important, taxpayers have just taken a beating. These are corrupt capitalist ventures that rely, for 85 to 95 percent of their revenue, directly on the Federal Government. These are not free market entities. These are not private corporations. It is crony capitalism at its worst. So, today, I want to commend the Department of Education for making its recommendations to NACIQI to withdraw ACICS' federal approval. I hope this is the beginning of the end for this awful organization that has been complicit in defrauding students and the fleecing of taxpayers by major for-profit education companies for way too long.…”