Sunday, January 19, 2014

#ForProfit HE Abuses

…by @USinjustice) HT @AnaMFores at #AdjunctJustice, replying to Dahn Shaulis on the adj-l listserv"I thought of you when this "loan spigot" article came out in the NYTimes today: I will add these sources to the others on Adjunct Justice ~ thanks"
Is the goverment fleecing higher ed students for their selfish gain? They are largest lender, providing 73%. But look who profits: certainly not adjuncts! Quoting the NYT,
"At 149 institutes in 39 states (and online), ITT offers nursing, criminal justice, business, information technology and other programs to 61,000 students. Based in Carmel, Ind., the company generated $800 million in revenue in the first nine months of 2013, down 18 percent from the year-earlier period."  
Jan 19, 2014, at 8:44 AM, Dahn Shaulis <dahnshaulis@gmail.com> wrote:
This is perhaps the most recent compelling information on the abuses of for-profit higher education. With Corinthian Colleges, there is a long and persistent pattern of fraud and abuse of working class people, including military veterans, the unemployed and underemployed, women, and people of color -- and the billions money given to these schools means less for legitimate schools. Source: http://www.mercurynews.com/ci_24041125/profit-colleges-soaking-up-tax-dollars-despite-student

  • "Nearly 30 percent of the $1.3 billion in federal Pell grants and student loans that flowed to Bay Area colleges went to for-profit trade schools."
  • "Former students at for-profit schools accounted for nearly half of all federal loan defaults here, in the most recent count, though they make up just about 10 percent of the area's college students. Loan defaults, which have serious credit score consequences, tend to occur when someone earns too little to pay off college debt
  • "Twelve for-profit schools were among the area's 25 most expensive colleges, as measured by the average annual cost after subtracting tuition grants, and they had that group's highest rates of student loan defaults."

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