http://www.bloomberg.com/news/articles/2016-09-22/for-profit-college-watchdog-nears-death-after-education-department-ruling
Sept. 22
....Department of Education on Thursday formally endorsed a plan to terminate their oft-criticized accreditor’s authority to act as a gatekeeper for federal student aid.
The move immediately imperils their long-term access to the roughly $130 billion in federal student loans and grants that annually flows to schools, threatening their ability to stay in business. Analysts said that affected schools unable to find a new accreditor will either merge with other colleges or close their doors.
Emma Vadehra, chief of staff to Education Secretary John King Jr., decided to withdraw the department’s recognition of Washington-based Accrediting Council for Independent Colleges & Schools (ACICS), which oversaw schools owned by Corinthian Colleges Inc. and ITT Educational Services Inc., following earlier recommendations from department staff and an outside group that advises the department on accreditation issues.
ACICS plans to appeal the decision, the organization said in a prepared statement. "We are confident that if given the opportunity to do so, we will be able to demonstrate major reforms and ongoing progress towards compliance with the department’s recognition criteria,” said Roger Williams, the accreditor's interim president.....