"Now that the list is public we can learn a few interesting facts about it. One is that the number of institutions they are monitoring as of March of this year was 556, of which 69 are under stricter scrutiny for “heightened cash monitoring” or HCM-2 status. What that means is that those institutions must first disburse to students the loans and grant money that they are entitled to and then provide detailed information on each recipient before being reimbursed by the department. Of those institutions, 39 are for-profit colleges.
Sometimes the consequences of being on that list can be dire. Take the case of Corinthian Colleges, a for-profit college company that after been scrutinized by the feds had to sell or close all of its U.S. campuses, many of which were acquired by the ECMC Group, a not-for-profit organization."
Yeah, that took care of the problem.