Transparency and Accountability
PSCUs are accountable to students and taxpayers in many ways. They follow rules concerning accreditation of their programs, state authorization and licensure, and consumer protection. They are bound by regulations from federal agencies such as the Securities and Exchange Commission, the Federal Trade Commission, the Consumer Financial Protection Bureau, and the Federal Deposit Insurance Corporation. And the marketplace determines the success of PSCUs based on student and employer satisfaction.
In addition, PSCUs are accountable to extensive regulations and oversight by entities known as the “Triad.” The Triad includes the U.S. Department of Education, state licensing entities, and national, regional, and programmatic accrediting bodies. To be eligible to participate in federal student aid programs, a PSCU must comply with regulations set by all three parts of the Triad.
What's more, institutions that enroll military or veteran students who use their education benefits are accountable to two other federal agencies, the Department of Defense and the Veterans Affairs Department, as well as various state agencies.