Once Mathis completes the Due Diligence he will find out this isn't the WyoTech he knew back in 2002. There's a ton more regulations and hoops to jump through plus he has to hire an Independent Monitor for a half million a year.
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Zenith was also offering millions in scholarships and still couldn't get students to sign up. Over the last 5 years WyoTech lost over 25 million dollars.
Either way I can't see Mathis starting this whole thing from the ground up again. The 5 million from the state will be eaten up in a few months. With a running start Zenith couldn't get the enrollment numbers over 300 students.
Bonuses can be paid for graduated students just not starts. UTI challenged DOE on this and won. If a student graduates the theory is the admissions rep didn't lie to the student to start unlike enrolling them and lying to them to start school.
Bonuses paid on enrollment and or graduation rates are ILLEGAL. I hope he realizes the laws changed a few years ago.
That totally makes sense as I heard the same. The funny thing is that 2018 is entirely different then 2000 for profit industry. The reported closing down of Wyo Tech, the students not wanting auto careers and the snowflake generation that does not want to relocate is a setup for failure. I hope Mattis has deep pockets to spend on media leads which I am sure he doesn't how is he going to get 10-15 reps to get enough starts to sustain the model? Many of the experienced reps found other jobs and weren't that good anyways when you took away media leads. He wants to then pay instructors 45k and probably reps no more then 50k? You will have instructor turnover which will affect student outcomes as far as retention and grads and then the reps will not be motivated to work hard for peanuts. I heard he is dangling grad bonuses and good luck with that because it will take at least 9 months from when student starts to receive it. That may take a rep 18-21 months to receive and in meantime making peanuts. I actually hope this shi. show goes through to prove it isn't the year 2000 anymore.
I heard Mathis is waiting until after everyone gets laid off then he will announce the news and can hire back those he wants at a significantly lower wage. Maximum instructor salary will be 45K.
The sale is cancelled. Further information in a few days.
Only a few weeks to shutdown and no word. Things aren't looking good.