For-Profits' Financial Transparency
- Lender Overcharged U.S. $1 Billion, Audit Finds
- Audit largely clears Education Department on gainful employment process
- Allegations of Misspent Financial Aid
- Quick Takes: U.S. Audit Slams Fifth Third Over Student Loans, Northeastern Ill. Withdraws Proposal on Protests, Effort to Save AP Italian Fails, Baltimore Hebrew May Merge Into Towson U., For-Profit Purchases
- Hitting Hard on Fraud
Financial information for-profit colleges submit to the U.S. Department of Education is inconsistent and generally not helpful, according to an audit by the department's Office of Inspector General. For-profits provide financial statements to the department as a requirement of their participation in federal financial aid programs. But those statements lack transparency, the audit found, because the presentation about instruction and marketing costs is not consistent across institutions.