U.S. Sen. Charles Schumer says financially distressed colleges facing potential closure should be required to tell students the school may shut down.
The New York Democrat says students shouldn't be caught off-guard when their schools are closing. He wants the Department of Education to enact regulations requiring schools to notify students of potential closures.
Schumer's announcement comes days after a small liberal arts school on Long Island rescinded its decision to close for now. Dowling College said last month it would be forced to close. Now it says it has been negotiating with an academic investment firm to stay afloat.
A Department of Education spokeswoman says they agree students should be warned.
She says warnings are included on "College Scorecards" and officials are considering other regulatory options.
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