Dick Durbin: “I have taken the floor many times to call to the attention of the Senate abuses by for-profit colleges, an industry that…”

“I have taken the floor many times to call to the attention of the Senate abuses by for-profit colleges, an industry that enrolls 10 percent of all college students, receives 20 percent of all Federal aid to education, and accounts for 40 percent of all student loan defaults. That is 10 percent of the students and 40 percent of the student loan defaults. I have spoken about specific companies involved in this industry--for-profit colleges and universities--including Corinthian, the University of Phoenix, DeVry, ITT Tech, Westwood, and Ashford. It is a long list. I have spoken about Congress's responsibility and the responsibility of the Department of Education to reform higher education laws and be aggressive in overseeing these companies. Fortunately, things are starting to change at the Department of Education. Today, I wish to speak about the accreditors and one in particular-- the Accrediting Council for Independent Colleges and Schools, or ACICS. Accreditors are, according to the Department of Education, responsible for ensuring that education provided by institutions meet acceptable levels of quality. In that role, they are, frankly, the gatekeepers of Federal dollars that flow to these colleges and universities. Without accreditation, the schools can't receive the money through the students for Pell grants and Federal loans.…”