The US Department of Education has not cut off federal funding to schools that have been targeted by state attorneys general , the Consumer Financial Protection Bureau , the Justice Department , or the Securities and Exchange Commission on grounds of financial fraud . “We are dedicated to providing the opportunity for an education that, were it not for schools like ours, many of our students might never achieve,” Mr. Hardman said. The New York Times reports that officials are wary of limiting the flow of money based on accusations , and for - profits targeted in these investigations do not admit any wrongdoing . Furthermore , the report alleges that for - profit colleges have been manipulating their own financial statements to obscure their worst - performing campuses , and thus going on to receive hundreds of millions of dollars in federal student aid .
The US Department of Education has not cut off federal funding to schools that have been targeted by state attorneys general , the Consumer Financial Protection Bureau , the Justice Department , or the Securities and Exchange Commission on grounds of financial fraud . The New York Times reports that officials are wary of limiting the flow of money based on accusations , and for - profits targeted in these investigations do not admit any wrongdoing . Furthermore , the report alleges that for - profit colleges have been manipulating their own financial statements to obscure their worst - performing campuses , and thus going on to receive hundreds of millions of dollars in federal student aid .