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Barack Obama cracks down on for-profit colleges: Why do it this way?
Posted on 3/14/14 at 7:58 am
Posted on 3/14/14 at 7:58 am
quote:
The Obama administration on Thursday took an aggressive step to crack down on for-profit career training colleges, proposing a regulatory regimen that could shut down hundreds of degree programs — enrolling a million students in fields ranging from accounting to air-conditioning repair — for failing to place graduates in well-paying jobs.
The administration framed the move as a bold step to protect Americans from predatory institutions that leave students with high debt and few marketable skills. For-profit colleges, however, rejected the regulation as an unacceptable — and possibly illegal — federal intrusion into the private sector. Some Republicans in Congress weren’t happy, either.
quote:
The Senate Committee on Health, Education, Labor, & Pensions spent two years investigating the industry and released a scathing report in 2012 that concluded taxpayers were wasting tens of billions annually because so many students took out huge loans through federal aid programs, yet failed to earn degrees. The investigation, spearheaded by Sen. Tom Harkin (D-Iowa), found that the schools spent millions on marketing and employed armies of recruiters, yet had few support staff to help students stay in school; many who enrolled left after just a few months.
I have no problem with for profit colleges, but the government should limit where federal funds (both grants and especially loans) may be spent. These for-profit colleges often make their money by convincing soldiers who have a GI bill (but currently have no interest in furthering their education) to spend it on a program in graphic design or photography or fashion merchandising. The "colleges" bill the government for the classes (which are typically just as expensive as standard state sponsored colleges) but the students rarely complete the classes and gaining employment in their field of study is even rarer. It's basically a racket.
Politico
This post was edited on 3/14/14 at 8:04 am
15
Posted on 3/14/14 at 8:04 am to a want
quote:
These for-profit colleges make their money by (for example) convincing soldiers who have a GI bill (but curretly have no interest in furthering their education) to spend it on a program in graphic design or photography or fashion merchandising. The "colleges" bill the government for the classes (which are typically just as expensive as standard state sponsored colleges) but the students rarely complete the classes and gaining employment in their field of study is even rarer. It's basically a racket.
Whose fault is that? How about the President crack down on himself for creating a bad hiring environment for the kids who graduate these programs.
Posted on 3/14/14 at 8:04 am to a want
quote:
the government should limit where federal funds (both grants and especially loans) may be spent.
THAT would essentially shut these programs down.
I actually agree with the Obama administration on this. These programs mostly have no admissions requirements other than "students" be able to sign their names on students loan documents. That's all these schools really care about, i.e., getting those student loan dollars and putting these kids/adults into a massive amount of debt that they will never be able to repay.
If these "students" had to apply for and get REAL loans, very, very few would even begin to qualify.
ETA: Does anyone doubt that this administration will do an about face if these for-profit schools make a few (million) well placed campaign contributions in the next few months? Hell, maybe some of the owners of these school can even get themselves ambassadorships in the process!
This post was edited on 3/14/14 at 8:08 am
Posted on 3/14/14 at 8:04 am to a want
Will the feds apply this same scrutiny to "traditional" colleges/institutions? Kids are churning up huge debts and ending up with useless degrees there also.
Of course, we know the answer...because one group has a bunch of union members (both faculty and staff) and one does not.
Of course, we know the answer...because one group has a bunch of union members (both faculty and staff) and one does not.
Posted on 3/14/14 at 8:04 am to a want
This just seems like another situation where we are attacking a powerful symptom of the problem, but ignoring the true issue.
The problem isn't the for profit colleges. They just responded to a situation created by government overspending on student loans.
It isn't a smart political movie to attack the illogical student loan system though. It is much easier to go after these colleges.
The problem isn't the for profit colleges. They just responded to a situation created by government overspending on student loans.
It isn't a smart political movie to attack the illogical student loan system though. It is much easier to go after these colleges.
This post was edited on 3/14/14 at 8:12 am
Posted on 3/14/14 at 8:13 am to a want
Tie federal loan funding to job demand and the problem will fix itself. There are shitty worthless majors at for profits AND traditional colleges.
Posted on 3/14/14 at 8:41 am to a want
quote:
a bold step to protect Americans from predatory i
well this always ends well
to quote an exchange between VOR and myself last night:
VOR:
quote:
You consistently demonstrate a lack of belief in the American public and electorate's ability to adapt to necessity
SFP:
quote:
i am not a liberal. they believe in this, which is why they believe in government.
Posted on 3/14/14 at 8:42 am to a want
quote:
so many students took out huge loans through federal aid programs, yet failed to earn degrees
oh gee
look
a problem developed by government failure...and we're going to solve it...through government!
Posted on 3/14/14 at 8:44 am to a want
quote:So those African American Study, art history and gender study degrees from good ole state u are really paying off for the barista's at Starbucks?
The administration framed the move as a bold step to protect Americans from predatory institutions that leave students with high debt and few marketable skills.
Posted on 3/14/14 at 9:19 am to a want
quote:
a want
Welcome back my old friend, you have been missed.
Posted on 3/14/14 at 9:33 am to a want
a want, MMauler & Scruffy
Posted on 3/14/14 at 9:49 am to a want
quote:
the government should limit where federal funds (both grants and especially loans) may be spent. These for-profit colleges often make their money by convincing soldiers who have a GI bill
if the GI Bill $ is the bulk of the problem as you suggest, what's to be done? it's not a grant or a loan, it's a benefit of service that they're supposed to be able to choose how to use
Posted on 3/14/14 at 10:06 am to a want
The issue is student loans & how these schools ruin their students' lives.
get rid of guaranteed student loans for these programs & they will have to survive in the market.
get rid of guaranteed student loans for these programs & they will have to survive in the market.
Posted on 3/14/14 at 10:33 am to a want
quote:
The Senate Committee on Health, Education, Labor, & Pensions spent two years investigating the industry and released a scathing report in 2012 that concluded taxpayers were wasting tens of billions annually because so many students took out huge loans through federal aid programs, yet failed to earn degrees.
He might want to crack down on the HBCU's too. I think GSU has a graduation rate of 10%.
LINK
Posted on 3/15/14 at 12:56 am to a want
Wonder how much Steve Eisman stands to make in all this?
Posted on 3/15/14 at 9:20 am to a want
How about a crack down on for-profit politicians.
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