'College, Inc' on PBS last night - 82% of Univ of Phoenix revenue is from student loans/grants

[Liberal_in_LA]

Yep. So the taxpayer provides this publicily traded company with 82% of its revenue. They
hook the student up with large student loans then suck the money up quickly. OMG. All the for-profits colleges are
following this 'business model'. The students average total student loan balances twice that of traditional colleges. 31000 in student loans for a BA!

:puke:

Other shockers...the reigning for-profit Guru has set up a college at the LA Dream center (religious place in downtown Los Angeles). Business model - hook up the church attendees with student loans to become social workers, hook up the drug addicts/prostitutes who attend the church with student loans to better themselves. Get them coming and going. Get that student loan money from the lower income, minority young

[Peregrine Took]

1. I thought he said "86%" - either way its disgusting. All happened in the 8

previous years to the doc being made. 8 years too - hmmmm...I wonder who was president then.

I wasn't impressed with Arne Duncan's non-response either. One of my alma mater's fell on hard times (tiny Catholic college)and one of these outfits took it over to have a "brick and mortar" building for graduations, etc.

Very sad.

[fujiyama]

8. You are right. It was 86%

and Arne Duncan sounded like a completely clueless moron.

[Liberal_in_LA]

16. the born again guy with the permed hair do? He sure did seem like an A**hole

Seemed to think he was coming off as a corporate genius... came off more like a blood sucker

[ipaint]

11. They have been preying on the poor and lower classes for at least two decades at trade schools.

Student loan scams were rampant.

[ipaint]

12. A report from 1990

HEARINGS TARGET TRADE SCHOOLS IN PROBING STUDENT LOAN FRAUD
Author: LARRY LIPMAN, Palm Beach Post Washington Bureau Date: February 21, 1990 Publication: The Palm Beach Post Page Number: 3A Word Count: 502


Rampant waste, fraud and abuse in the $45 billion federal student loan program could cost American taxpayers billions of dollars in defaulted loans and leave students-- particularly those who enroll in private trade schools -- without the training they signed up to receive, a Senate panel was told Tuesday.

[Myrina]

2. Yep, it is disgusting. I worked for one ...

... I was in IT at a "business college" in central IN. Their diplomas aren't worth the paper they're printed on, but the student walked out the door with that and about $30k in debt with no functional job or real-world skills. Their campuses are in the poor parts of the city, on bus lines, so they present the most viable alternative to a 'real college for poor inner city folks who don't know what they're getting roped into.

And the execs drive BMW's, Volvo's and Mercedes' and have 'vacation homes' in the Florida Keys.

I felt like I needed a shower nearly every day when I came home. :(

[Lint Head]

3. America, the educated country.

[tkmorris]

4. How do these money pits get accredited?

I have no problem providing all the moneys in the world to any student that wants to further their education. The problem with these places is they don't offer any. As another poster said, their diplomas "aren't worth the paper they are printed on". Presumably, accreditation is given to schools that provide an acceptable level of education, and being accredited means students attending can apply for federally backed student loans and grants. Trouble is, accreditation is being given to some highly questionable diploma mills which then proceed to suck up a LOT of that loan money while saddling their students with mountains of debt they are ill-equipped to pay off.

[ProgressiveProfessor]

7. Accreditation is not all that hard to do. Takes a few years but once obtained is easy to maintain

Graduation rates are not a consideration, neither is cost.

[mistertrickster]

13. I looked into this awhile back when I investigated an applicant from California Coast College.

Not only were they a bogus on-line diploma mill, they had accredited themselves with a bogus accreditation organization.

[ProgressiveProfessor]

18. A friends daughter recently got a DBA from them

They are so proud and I did not have the heart to tell them that its a total fraud that makes U of P look good. Having known her since childhood I don't have any occasion to call her doctor.

[Thirtieschild]

5. Cheaper to take an online class from Oxford than from University of Phoenix

Our daughter needed a couple of classes to complete a BFA degree, checked several. Oxford (yes, that Oxford) was cheapest, University of Phoenix was most expensive.

[Nikki Stone1]

14. No kidding!

Do you have a link for that?

[Thirtieschild]

22. No link because it was our daughter's personal experience

You could check costs online, which is what she did. Ended up with an interesting class in the Philosophy of Religion from Oxford. Lots of interchange between students.

[Supersedeas]

19. ouch

[ProgressiveProfessor]

6. Its not limited to for profit schools. Online/distance learning is the cash cow of the education biz

public/non-profit/for profit

[QC]

9. But they have a 4% graduation rate!

Who can argue with success like that!

[mistertrickster]

10. I wanted to see this and missed it. Dang! Will have to check the PBS website. nt

[Liberal_in_LA]

17. Yes, don't miss it. It was eye opening.

[elehhhhna]

15. CARLLYLE GROUP is involved -- fyi --

they partnered w/ the Appollo Group in '07 to form a for-profit overseas distance learning U. Guess where they siphon their money form? US! That's right!~ They offer shit courses to the MILITARY & keep the mil. college money PLUS loans, etc.

Yep, Carlyle Group sucking up all the tax money thay can get.

FOR PROFIT EDUCATION? Why?

[FiveGoodMen]

20. "FOR PROFIT EDUCATION? Why?"

Exactly!

[Blue Owl]

21. I think it's about time for UOP to give Sarah Palin her honorary Doctorate

n/t