The subprime college crash continues for the seventh consecutive year with little attention from the government or media.
Subprime is a more appropriate name than for-profit, because several non-profit schools offer limited value at a high price. Low student loan repayment rates and low graduation rates are two of the best indictors of "subprime."
University of Phoenix, now part of Apollo Global Management, continues to close campuses. In total, they have closed more than 450 campuses and learning sites. I expect UoPX to close half of their remaining campuses in the next 12-18 months.
Art Institutes are closing most of their campuses in 2018 after being taken over by Dream Center Education Holdings. David Halperin has been covering the story in the Huffington Post, but it has received little attention.
DeVry University will be closing more campuses after their parent company, Adtalem, dumped their brand and practically gave it away to Cogswell Education/Palm Ventures. They have already closed eight sites in 2018. Over the past few years, DeVry has closed 44 of their 90 learning sites.
National American University (NAUH) is in major trouble. Their stock price has been struggling at $1 a share, making it vulnerable to delisting. T. Rowe Price is keeping it propped up. NAUH recently mortgaged their real estate for $8M.
Zenith (ECMC) is now completely out of subprime college ownership. The former Corinthian Colleges was propped up by the non-profit student loan company with help from the government.
Kaplan University continues to operate as part of Purdue University Global. But its operation remains a subprime effort.
Ashford University (Bridgepoint) continues to struggle amidst investigations.
Strayer is buying out Capella. The new company is still STRA, but it's known as Strata.