Harkin, Durbin and Four Other Democrats Call for Stricter Oversight of For-Profit Finances
Career College Central Summary:
Six Democrats in the U.S. Senate on Tuesday urged the Obama administration to step up its oversight of the financial health of for-profit colleges. In a letter to Mr. Obama and other administration officials, the senators, led by Sen. Tom Harkin of Iowa and Sen. Richard J. Durbin of Illinois, said that they were trying to prevent the recent collapse of Corinthian Colleges Inc. from repeating itself at another institution.
The department has said that it did not know the extent of Corinthian’s financial woes when it temporarily delayed the company’s access to federal financial aid.
That action later prompted an agreement between Corinthian and the department to sell 85 of the company’s campuses in the United States and close down the remaining 12.
The department tapped a former U.S. attorney to oversee the closure of Corinthian’s campuses.
The letter was also signed by Kay R. Hagan of North Carolina, Chris S. Murphy of Connecticut, Jack Reed of Rhode Island, and Brian E. Schatz of Hawaii.
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