San Diego?s Bridgepoint Education said Wednesday that its Ashford University arm had received initial accreditation in California by a regional higher education accreditation agency.
The approval ends a year-long accreditation crisis for Bridgepoint-owned Ashford University ? which saw its first attempt to achieve accreditation in California rejected because of high dropout rates and an emphasis on recruiting new students over education.
Since then, Ashford has worked to address problems highlighted by the Western Association of Schools and Colleges, including reducing enrollment and reassigning student recruiters to jobs aimed at helping students stay in school. It also laid off hundreds of workers, which the company attributes to reduced enrollment.
WASC said in a letter to Ashford Wednesday that ?the Commission found that the University has responded to Commission concerns and judges that it is now in substantial compliance with Commission standards."
Accreditation is critical for Bridgepoint, the for-profit owner of Ashford University and the University of the Rockies. It is required for students to qualify for federal student loan programs and other government financial aid. Bridgepoint receives more than 85 percent of its revenue from federal student financial aid programs.
Ashford University is located in Iowa, but a majority of its 78,000 students take classes online. Many of the online programs are run through San Diego, so Bridgepoint sought to switch its accreditation from a Midwest regional accreditation to one that covers California.
Though WASC rejected Ashford?s initial request last summer ? sending its stock plunging more than 50 percent -- the university reapplied. A WASC team visited Ashford locations in April and issued its final report Wednesday.
WASC granted Ashford University initial accreditation for five years. The WASC report noted that "the team found an institution that has been fundamentally transformed and whose culture has been changed in significant ways, including a shift from a market driven approach to an institution committed to student retention and success, a transformation that is enthusiastically supported by the Board of Trustees, the new President, administration, faculty and staff," according to a statement released by Bridgepoint.
Bridgepoint announced that it had achieved WASC accreditation after markets closed. Its shares ended the day at $12.61 but surged 20 percent to $15.16 in early after hours trading.
Source: http://www.utsandiego.com/news/2013/jul/10/Ashford-wins-accreditation-from-WASC/
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