Parents and students who breathe a sigh of relief because the college of their choice is “accredited” may want to wait to exhale. “The main reason for this failure is that the system relies too heavily on colleges to self-regulate,” Andrew Gillen, Daniel L. Bennett and Richard Vedder write in a paper for the Center for College Affordability and Productivity (CCAP). “For example 83% of the board for Middle States Commission on Higher Education is comprised of people that work for institutions that they then accredit.” “Similar numbers are just as pervasive in the other regional accreditors.” With insiders grading...