Speaking at the American Legion convention in Charlotte Tuesday, President Obama pledged, "For veterans going back to school under the Post-9/11 GI Bill, we'll keep standing up against dishonest recruiting and predatory practices that target and prey on you and your families."
Sir,
Its simple, change the 90/10 loop hole in the law and you fix the problem immediately!
How are these "predatory practices" any different than the practices employed by public and other private colleges?
There is no reason EDMC could do the right thing and let Vets go at cost which I would guess around 20,000 not 90,000. It would pay for the teachers, rent, overhead, computers etc. Why dose EDMC need to PROFIT off Vets? Could they be any LESS patriotic? Where I live, some of the local restaurants let the cops pay 1/2 price or eat for free out of respect for serving the community. These are private business making that choice. There is no reason EDMC could not do the same thing if they wanted to. But they will not. Vets to them are the ultimate Cash Cow.
Us Vets don't mind paying our fare share, but its wrong to use us for your business purposes and tell us how much you love us, when all you really want from us is the money. That is just wrong. I have guys in my class with PTSD who got blew up in a IED attack. They have a hard enough time as it is already, they dam sure do not need to be taken advantage of for any reason!
The answer is simple, EDMC should let Vets go to school for FREE, and Government pays for supplies. That would be the patriotic thing to do, not running around town with a bummer sticker saying support our troops.
The law needs to be changed alright, but in the other direction! What kind of half baked school makes 90% of its money from the Government? This is not normal in the regular world. It's ironic that a For-Profit Corporation can't hold its own and lives almost entirely off government loans. Talk about entitlements, corporate welfare in the billions going to EDMC.
This is the just of it from 2 years ago. Just Google and read up!
Part of the reason why military members are attractive to for-profit colleges is because their benefits don't count toward the proprietary colleges' cap on federal Department of Education funding. The law says for-profit colleges must get 10 percent of their funding from other sources besides federal student loans or Pell Grants, but with the GI Bill loophole, they can secure 100 percent of their funding from the federal government. And, for every veteran they sign up, they can recruit nine more equivalent students who have federal student loans or grants.
"I applaud the state Attorneys General for the settlement announced today to protect servicemembers from misleading and deceptive websites that target their GI Bill benefits. These new consumer protections will help ensure that veterans looking online to learn more about the GI Bill will find accurate information about the benefits they have earned through their service and sacrifices for our country," said Holly Petraeus, assistant director for Servicemember Affairs at the Consumer Financial Protection Bureau.
As part of the settlement, QuinStreet will relinquish ownership and control of the domain GIBill.com to the Department of Veterans Affairs, which will utilize the domain to promote the GI Bill program and educate servicemembers about the benefits available to them under the program. QuinStreet will also shut down and cease to use any domain names that include the term "GI Bill." As part of the agreement, QuinStreet will pay the states a total of $2.5 million to settle the consumer protection claims.
Basically us VETs are recruited for the $$$ signs on our uniforms and not the fact that we served the country in uniform. Its legal right now, but its pretty low business ethics and morals and it needs to change!
In order for EDMC to get its federal money from the government which is about 90% of its income the law states they must get 10% of there money from the paying public. Example is for every 100 students 10 must pay in cash or credit card Etc.. If the school fails to get 10% to pay in cash then all federal money, the 90% is cut off from the school and they go bankrupt the next day! With the GI Bill Vets they have been using us as that 10% even though our money is from the VA. That is the loop hole. Ask yourself this? How many parents or Students at EDMC schools are paying cash and have no loans or aid? Its no where near 10% of the student population. More like 2 or 3 % once you remove the GI Bill and put it in the 90% column where it should have been put in the first place. This is why all the for profits are spending billions in Washington sucking up to law makers so they wont change the law. Basically the law was intended to keep these schools honest. There is no way 10,000 people would be paying $40,000 each on average for their kid to get a bad education. Right? So the next time you see a GI, Thank him for his or her service! and then thank him or her for your job and pay check. Without the GI in the 10 % column, Theses schools a pretty much done over night. That is why I am a 90/10 CASH COW
Sorry, a brand new EA here - what is the 90/10 loophole