The commission complained of poor student retention, inadequate alignment of resource allocation with educational sources, insufficient full-time faculty, and other deficiencies. Over five years, 128,000 Ashford students withdrew as 240,000 new students enrolled. “This level of attrition is, on its face, not acceptable,” said the commission.

“Spending on student recruitment constitutes over 31% of Ashford spending, well above spending for instructional costs and services” including administration of financial aid, student services and academic support, said the report.

The commission found that a core of about 50 full-time faculty members, most of whom were recently hired, served more than 90,000 online students. This is “not sufficient to provide leadership and oversight,” said the commission.

The commission had warned Ashford of its concerns in May and June of last year. I haven’t yet checked whether Ashford’s parent Bridepoint Education alerted investors of these deficiencies at that time.

Bridgepoint stock plunged 33.72% on the day, winding up at $14.25

These for profit and most of the non profit schools today are scams ripping ff the public/taxpayers.

They create these student loan programs with good intention then they turn them into scams, the Congress and the educational industrial complex are basically money launderers, just like public unions and state politicians. The law makers give favorable treatment to their cronies, be it public unions of educational institutions, who them scam the public with student loan scams or inflated comp packages, and then the unions or educational institution kicks back a big part of that scammed money in campaign contribution to keep the scam rolling.