B Lab is a nonprofit group that issues a seal of approval to companies across 120 industries that adhere to voluntary standards based on social and environmental performance, accountability and transparency. After a two years of work, the group on Friday released a new benchmarking tool for colleges. The voluntary standards are designed to enable comparisons of both nonprofit and for-profit institutions.
“B Lab recognizes that the cost and outcomes of higher education, particularly regarding for-profit institutions, have become increasingly controversial, but regardless of structure institutions should put their students’ needs first,” Dan Osusky, standards development manager at B Lab, said in a written statement.
