May 14, 2021
Today’s action delivers on President Biden’s campaign commitment to stop for-profit institutions from profiteering off students
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Today, the office of Federal Student Aid (FSA) in the U.S. Department of Education (ED) informed Florida Coastal School of Law that its application for reinstatement to participate in federal student aid programs has been denied. The action delivers on President Biden’s commitment to stop for-profit education programs from profiteering off students and comes as U.S. Secretary of Education Miguel Cardona and new FSA chief Richard Cordray are stressing that for-profit schools will be held accountable for meeting the standards for participation in the Department’s Title IV programs.
“Too often, we see for-profit schools that try to take advantage of students, misuse taxpayer dollars, and skirt the rules to participate in federal student aid programs,” Secretary Cardona said. “Today we want to be heard and understood by for-profit schools around the country: we will be vigilant in ensuring they meet their commitments to students, families, and taxpayers.”
The reinstatement application for Florida Coastal School of Law was denied for three reasons:
Failure of the financial responsibility standards:
Failure to meet the fiduciary standard of conduct; and
Failure to meet the standards of participation, including the standards of administrative capability.