I have been watching this site for months because in light of the last year and half its not secret that EDMC has had problems. As a recent student I'm not on the inside so I don't know what is happening. For months now I have seen different posts that state something huge is going to happen on the 24th to the point that a good chunk if not all of the schools are going to get the hammer. It has also been said that more schools and online at the AI will be shutdown. Now were I am confused is I have seen people comment back and say that the EDMC is going to be fine and nothing major is going to happen. These are the same people that said that the list of AI schools closing wasn't going to happen yet it did and now they are saying nothing is going to be happening on the 24th or if something is its only minor. Because I am not on the inside I don't what to believe and some insight would be helpful.
25 replies (most recent on top)
Dean...from your response I understand why you are 'former.' Poser
you have been told what to do. Go to your states attorney. A lawyer. "I am AI" on Facebook to connect with other students in the same situation.
What you should not do is rely on anyone at AI or EDMC to give you information.
As a former dean, I can tell you with certainty that Ai is going under. The question is how soon. For profit schools are "predatory educators". These are businesses that stepped in to offer educational opportunities for those who either required specialized skills or for those that couldn't get into traditional universities. What made this so appealing for business was government funded student loans. Students sign up, the school saddles them with a government loan, the school is paid by the government, and the student has to pay back the government. So the school is already paid and the student has no recourse.
These businesses focused on quantity over quality. Think McDonald's. So the problem was there was no focus on delivering quality skills to make graduates competitive. Students weren't getting jobs and defaulting on their loans. The government finally stepped in and put a stop to the abuse by for profit colleges by enacting the "Gainful Employment" rule which states that a graduate must achieve a salary that allows for 30% of the salary to pay back to loans. So no placement or inadequate salary, no loans. No loans, no school. Ai like many others were abusing the government loans but talking unqualified people into careers where they couldn't get jobs, or even worse, low paying jobs such as Culinary. Students with no future were talked into $100,000 loans to become a fry cook.
The government finally put a stop to it. These schools lied to students, falsified their numbers, exaggerated placement rates, and lowered academic standards in order to graduate unqualified students. This was so lucrative for them, they were earning 12% returns a year. This is what attracted big banking such as Goldman Sachs that wanted a ride on the cash cow. Greedy Goldman tried to push profits higher which is what alerted the government to the abuse. Look at EDMC's stock now. It's down to 13 cents. They've been delisted by the stock exchange. They cut personnel to save money, but less people means less classes which means less enrollment. Less enrollment means less students, less programs, and less schools. The school is going to be forced to sell off schools. The current business model is not profitable and there's no way to turn it around. About the only thing they can do is become an all online school which they've had bad luck at in the past. The only reason they're still around is they have obligations to the current students to teach out the program. When they stop accepting applications for a major, that major is destined to be closed. Think of a jetliner in a tailspin with it's rear on fire. There is no recovery for this. Ai is going away as it should.
They've had a few success stories with graduates but four times the amount of failures resulting in young people lives financially ruined. The worst part of this is government loans cannot be forgiven by bankruptcy, You have to pay it back no matter what. Plus interest. So if you're enrolled, try to finish quickly or transfer to a legitimate university or college. The last thing you want on your resume is the school that is currently being sued by the government for 11 billion dollars!
270... I was talking to 263. Haha!!!!
295 You people amaze me. Where else should I ask then huh? Where else is there people who work at the schools who are willing to give information on what happened? You people are the poser trolls in this world. I was taught if you don't know ask a question but not anymore I'm met with this kind of response. At least some people offered some advice instead of lame insults that helps no one.
Students Call your States Attorney Generals Office. They cannot call you!
"Writing" not "typing". We're talking basic literacy skills: like 268's "YOUR an idiot".. "HIS" the idiot!
Contacting the accrediting agency does nothing. They are already involved. CK has absolutely no help in this situation. The stock is off market now. I agree that trolls are easy to spot and it has nothing to do with their typing skills. But, I have to say I think the original posed question stinks of a poser. If you are indeed a student...this is not the place to question as you realize you might get one substantive answer (just someone's opinion). If you are at a close out school...well it ic closing, sooner than later. The others that have larger student population will remain open much longer...years in fact. The stock price has nothing to do with the decision. The company is no longer publicly traded so they can bypass some reporting measures.
You can call the news organizations, but offer something concrete...you can't ask them what is going on, they expect you to tell them.
Keep asking questions. I work at a teach out school. The ppl here that say go to anyone that isn't local means outside of your school. The majority of people involved at your school (especially corporate) will not tell you facts.
Asker: In my capacity of AI student parent, I too have been following this blog with interest. The trolls are easy to spot. Very limited vocabulary, poor writing skills, zero reasoning. Imagine the spitting bully in the primary school playground... or a spoilt toddler throwing his toys out of the pram. These guys speak up for EDMC, so what does that tell you about the company? You've been given some great advice here by informed people - go with that. Also get in touch with CK (his email address is on previous posts). The trolls hate him because he's correctly called the situation. So watch them froth again!
268 shut the hell and keep your dumbass response to yourself. I ask one simple question on what is going on and I get dumbasses like you.
I think your an idiot.... Do us all a favor and keep idiotic thoughts like that to yourself.
I think the reason why ppl say 24th is doomsday is because the stock keeps falling.Do the math. if it keeps falling by 2or more cents it will be under 10cents by Tuesday. It cannot survive another week it'll hit 0 by friday.
Copy and paste this link. If you really want to make a statement and do something positive, this will help: https://acicscomplaints.com/
211 how is my question a false narrative? I asked a question based on things that have been stated on this website what's false about that?
Contact your local television station's investigative reporter and ask them to visit your campus on the 24th to interview students. Even these watchdog groups will only react if there's media coverage. We'll see how many students and faculty show up. Then we'll see how many corporate trolls still want to brow-beat students into silence and state they're firing all the teachers "to improve the student experience".
Unless you were at a teach out school...schools are staying open. Some faculty have decided to take a voluntary rif. The 24th refers to some additional; refs. If you have been monitoring as you state...you would have figured that out. I agree with the original answer...I think your question is a false narrative.
Contact your accrediting body for sure in addition to legal and government help. The government and legal route will take a lot of time. These schools are on warning by their accreditors. They must respond immediately to accreditation complaints. or they lose Title IV access. Government, AG, and SEC investigations will result in indictments and jail time like ITT eventually, but that will take time.
As a former student also I would encourage all students to contact the States Attorney Generals office and ask to speak with the lawyer who is handling For Profit College investigations. It's a good idea to reach out and make contact now In case your school folds.
@Anonymous109166, there are at least two Facebook sites devoted to students and their concerns about EDMC. The biggest one is the "I am Ai" group.....................................https://www.facebook.com/#!/groups/aistudents/
There are corporate trolls on this site. Anyone reacting with anger are also pressuring the people at the local level to do what they say and lie or lose their jobs. Speak up, write government and accreditation representatives. Anyone that pressures you to do otherwise is profiting from your silence. Any educator that cares is begging for full transparency. EDMC is angry that this site provides anonymous transparency after the stock delisting. I and so many other caring employees are so sorry for your anxiety and lack of return on your investment. People care, but centralization and corporate greed have hijacked your dreams. Fight back. Employee voices don't matter anymore. You, the student, are the only source of revenue for corporate greed in this place. There are organizations looking out for you, but it's likely either ACICS or SACS, your accrediting bodies only. Anyone local will give you the runaround. Work hard and stay positive. This fraud is crumbling fast. You will overcome.
191 thanks for some information unlike some people.
This is the saddest part. Everyone here is worried about their jobs. The most sacred trust has been betrayed. Write either ACICIS, or SACS, your education accrediting bodies, and express your concerns. Google those acronyms, look up your school, and look for your accreditation representative at those organizations. As a student, nobody locally is either able to or willing to help you. They'll act like your friend, but they are saving themselves. Also, write your state department of education as well as the federal department of education and express any concerns. Basically ever EDMC school is on heightened cash monitoring by the federal government as well as on warning by their accrediting body, which means your credits and degree are on the verge of being worthless. Once the accrediting bodies close in and\or the company declares bankruptcy, you are no longer eligible for government sponsored Title IV loans. Nobody at these schools will tell you this because they want you to sign up for at least one more class so they can get one more paycheck and one more corporate bonus. I am sorry. Some of your teachers are great, but they will likely be fired this week.
189 I asked whats going with the EDMC yet you call me a troll.
Poser , troll. Move on.