The For-Profit Education Probe Expands – Ready to Prove Graduate Outcomes?
According to the Wall Street Journal, Federal and state authorities are expanding their probes into the for-profit education industry. States are working with the Consumer Financial Protection Bureau (CFPB) to investigate unfair or deceptive practices around student lending and placement statistics. Thirteen states have already launched investigations. There is little doubt that 2014 will see coordinated action by authorities in this area.
What does this mean for the higher education industry? Practices must be quickly deployed to validate claims made to prospective students regarding graduate outcome and placement statistics. Institutions of higher education in general, and the for-profit sector specifically, should be thinking of the following:
- Are we prepared for a CFPB review?
- What plans and measures are we putting in place to prove graduate outcomes?
- What credible sources of data and analytical reporting can be provided to the Department of Justice, the CFPB, or the Department of Education in support of claims made around graduate placement, gainful employment and a positive return on the student’s educational investment?
For more specific insights and best practices related to compliance and data requirements in higher education, you can connect directly with an Equifax advisor by clicking here.