For-Profit college chief resigns after company overstated value of degrees

The chief executive of one of the nation’s largest chains of for-profit colleges resigned earlier this week, following an internal investigation that revealed Career Education Corp. was artificially inflating job placement rates at several of its health and arts schools in order to remain in good standing with college accreditors, the Huffington Post reports. The resignation of Gary E. McCullough marks one of the first major shakeups at the top of any college corporation after a year of heightened federal and state scrutiny of the business practices at for-profit institutions. By manipulating career placement statistics at schools across the company, Career Education was able to continue to tap millions of dollars in federal student aid with little outside inspection from regulators…

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