Where More Default Than Graduate: Career Education Program Parasites....There are seven programs where the number of defaulters exceeded the number of completers by more than 1,000. All seven are at the University of Phoenix....http://views.ticas.org/?p=1301
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Some state schools will likely see the same decline as UoP, and it has already started at some—cost continue to rise, enrollment declines, and the schools scramble for a response. How long can/will they survive—depends on the skill of school leadership, if they had thought ahead/planned for this eventuality, and how deep the pockets are. I am not so sure it has anything to do with the type of school (public, private, or proprietary) as it has to do with student results. A state school that saddles students with debt to pay executives large salaries is following the UoP model--but this is not not unique to UoP. I view UoP as a wealth transfer mechanism wearing a school’s clothes—but it is not alone in this appalling characteristic.
Oh, I'm not suggesting that the schools are without fault, but rather, let's be fair about the situation. Back in the day financial industry managers with an AA were big dogs. After the so-called financial collapse, those with an AA are just no longer valued. So the schools sold a valuable degree, but then market conditions changed.
I'm not CK, but I KNOW the innards of these blood/money sucking companies. They are the Walmart of education, but WORSE. They con poor people into taking classes, saying it will better their lives. Then they take the financial aid money. Then they TAKE the students personal money, because they have to adhere to the 90/10 rule. What University has to TALK and SELL the "student" into "buying" their "brand"?? It's called a "BRAND". Like Ikea, Like Kellogs. It's SICK. The "education" they get is sub par, and does not get the poor person a good job. they lie, cheat, and steal government money to do this. The profit the Apollo shareholders are making, the students will be paying back for the next THIRTY YEARS. If they cannot pay it back, it RUINS THEIR LIVES. HOW DO YOU NOT GET THIS??? IT IS DISGUSTING how they have ridden the coattails of taxpayers for years, and nobody has done ANYTHING about it.
When you pay your taxes next year, think of how much has gone into the pockets of the CEOs of these for profit companies. Think of the people that cannot pay the money back, and how YOU are paying into something that does not work.
has no standards and Camden is correct. Upper management care only about profits and nothing about student outcomes. Gainful Employment will rein these A-Holes in.
CK- You make it sound as if everyone knew the financial collapse was moments away, and the associate degrees in question were sold knowing the collapse was known. I really wish you knew the industry a teeny tiny bit.
University of Phoenix would have fewer problems if they went back to the fundamentals, instead of trying to maximize short-term profits. John Murphy has said that much.
I'll give you credit, you know how to find the most unfair stuff. For example, "Seven of the 13 AA programs in ‘securities services administration/management’ have more defaulters than graduates." Sounds like pre-financial collapse programs. Yes, of course, when the industry is suddenly eliminated, there is going to be a problem. Likely the Department of Labor had high expectations about future growth. Those seven AA programs likely would have been far more successful had the financial collapse not taken place. Next slide please.