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Higher education remains the most important investment any person can make in their future. In the several months I’ve been at the U.S. Department of Education, I have had a number of conversations with students and families that have inspired me to double down on our commitment to making college more affordable and accessible. A big part of our work toward that goal has been to increase both the quantity and quality of information that students, families, borrowers and the public have about higher education.
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. We are taking a thoughtful approach to considering what data and information makes sense to provide publicly. Today’s decision follows our own discussions along with those we have had with multiple stakeholders, including news organizations.
From the start of the Obama Administration, we at the Department of Education have been committed to increasing transparency across the spectrum. We have worked to provide more – and better quality – data, including:
· More information about K-12 schools and students’ outcomes through school-level assessment data for parents and stakeholders
· State-specific data profiles to help states develop plans to ensure all children have equitable access to excellent educators
· Resources we have collected through our Office for Civil Rights, including information to help parents understand the disparities in discipline issues, like how suspensions are administered across students, schools and districts, and a list of higher education institutions with open Title IX sexual violence investigations
· Our College Scorecard initiative, which provides a snapshot of key details and outcomes at a particular institution for students and families
We also continually release a wealth of information aimed at helping students and families make smart decisions about where to go to college, including a comprehensive set of data about each institution on College Navigator – which contains enrollment, cost, graduation rates, students’ default rates, and campus security information. In addition, the Department already discloses a number of other pieces of information that can point at an institution’s financial health and other accountability metrics, including Default Rates, Clery Act Reports, 90/10 Reports, Foreign Gift and Contract Reports, Financial Responsibility Composite Scores and Final Program Review Determinations. And, of course, we have undertaken a historic effort to increase transparency and accountability for career colleges through our Gainful Employment regulations.
We have made enormous progress in providing information that helps students, families and borrowers. But we know we still have further to go, and we’re committed to pushing for greater transparency. Every single day we take seriously our commitment to doing more for students, and every action falls within that goal.
Ted Mitchell is the Under Secretary of Education.
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