The Department of Education, for the first time, named 556 colleges whose federal aid it has restricted because of concerns about their finances or compliance with federal requirements.
WASHINGTON DC.--- In a statement, Arne Duncan, Secretary of Edcucation said:
“Today we are taking another step to increase transparency and accountability. We are releasing a list of colleges and universities that are on what we call Heightened Cash Monitoring. There were about 560 institutions on this list as of March 1. The list has been released to members of the press that requested it, and will be published on the Department website in the coming days and updated on a regular basis.
Heightened Cash Monitoring is a step that our Federal Student Aid office can take with institutions to provide additional oversight for a number of financial or federal compliance issues, some of which may be serious and others that may be less troublesome. Institutions may be on this list for a variety of specific reasons – for example, late financial statements, outstanding liabilities, accreditation issues, concerns about a school’s financial responsibility or possibly severe findings uncovered during a program review. For each institution that is on Heightened Cash Monitoring, we are also providing information as to why.
Heightened Cash Monitoring is not necessarily a red flag to students and taxpayers, but it can serve as a caution light. It means we are watching these institutions more closely to ensure that institutions are using federal student aid in a way that is accountable to both students and taxpayers.
Transparency and accountability are priorities for our entire Administration, and this Department and the Federal Student Aid office are no exceptions”.
The full list of schools is available here: https://www.documentcloud.org/documents/1698355-redacted-schools-on-hcm1-or-hcm2-as-of-3-1-2015.html
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