Regulation and AccreditationThe rules we play by.
Corinthian is part of an industry that operates in a highly regulated environment. Our operations are strictly guided by federal, state, and provincial regulators, as well as numerous national, regional and program-specific accrediting bodies.
The funds involved in education are substantial— more than $70 billion annually in the U.S. Title IV programs alone. Add the dollars spent in Canada, at the state level, and the foregone tax revenues associated with not-for-profit education, and it’s easy to understand why extensive regulations are in place to protect student interests and to assure value is derived from the large investment being made. A rigorous regulatory environment challenges us to be better in every aspect of our business, and in turn, benefits our students, employers, communities, employees and shareholders.
Ultimately, the industry and its regulators share a common goal: to develop a well-trained workforce that will allow us to stay competitive in a global economy. Through compliance with regulation, accreditation and licensure requirements, we are all working to fulfill that goal.
At Corinthian, compliance at every level, from admissions to job placement, is a company-wide commitment. As Corinthian has grown larger and our locations have multiplied, we have expanded our compliance program. In fiscal 2005, Corinthian organized a Compliance Committee involving most senior officers in the company. The Committee’s role is to adopt and evolve systems, policies, processes and to ensure that Corinthian has the ability to fulfill its compliance commitments. The Committee has developed new ways to measure achievement, implemented new training programs, and deployed resources to maintain a high level of compliance throughout our company.
As the American Council on Education (ACE) observed, “In a complex regulatory environment, a compliance system will never be perfect. The real issue is whether institutions take their obligations seriously and have mechanisms established to detect noncompliance and to rectify it when found.” At Corinthian, we do.
In order for our U.S. students to receive government-sponsored financial aid, each of our schools must be, and is, accredited by an agency recognized by the U.S. Department of Education. Once accredited, our U.S. schools are subject to ongoing monitoring. The accrediting agencies conduct regular visits at each of the schools and require systematic internal review and reporting, leading up to re-accreditation every three to five years.
In Canada, each school is approved by a provincial Ministry of Education. We strive to be compliant with their policies and requirements in such areas as retention and job placement.
When it comes to serving students, Corinthian and its regulatory and accrediting agencies are in sync. Our paramount goal is to ensure student success through an educational process that leads to graduation and a career.