Erich Vieth | November 11, 2010
Bloomberg has reported on the scandalous default rates at the large for-profit colleges.
Strayer Education Inc., a chain of for-profit colleges that receives three-quarters of its revenue from U.S. taxpayers, paid Chairman and Chief Executive Officer Robert Silberman $41.9 million last year. That’s 26 times the compensation of the highest-paid president of a traditional university.
Top executives at the 15 U.S. publicly traded for-profit colleges, led by Apollo Group Inc. and Education Management Corp., also received $2 billion during the last seven years from the proceeds of selling company stock, Securities and Exchange Commission filings show.
At the same time, the industry registered the worst loan-default and four-year-college dropout rates in U.S. higher education. Since 2003, nine for-profit college insiders sold more than $45 million of stock apiece.
Secular Human worked at a 'for profit' colleges and many are run as boiler room operations. If a student doesn't show up for class, the instructor (it's never a professor) has to call the student and invite them back to class.
Teacher's meetings are primarily about achieving quotas and recovering students who dropped out. Discipline in often non-existent and students are allowed to submit plagiarized papers with impunity. If there is a conflict with a student, the teacher is usually considered to be wrong.
These schools exist because they are heavily subsided by Pell Grants and other federal loan programs. Many of the curriculums are right wing and very light on liberal arts. Usually these schools will have a criminal justice (CJ) department, a medical programs for LPNs and medical aids, and sometimes an IT department.
Local police departments will usually not hire CJ students from for-profit colleges and the medical students aren't much better off. Students find out after he fact that there credits will not transfer to community or state colleges because the 'for-profit colleges have weak accreditation.
Wirehead worked in one of the for-profit technical schools and it was trying to get a certification from an organization that provides credentials to two year colleges. He advised his boss that they would never be certified because few of the instructors had college degrees.
The owner thought he could use 'the Miami Way" to schmooze and bribe the accrediting authority who visited the facilities. He was wrong, to make a long story short.
The real victims of these schools are the students who leave with $20-$30K in debt and no prospects of a good job that is appropriate for a college student.
The Obama administration is clamping down on these fly by night schools and will pull federal funding from the ones that cannot show they are placing students in appropriate paying positions.
Rightardia's advice to college bound students is to try to get into a state or community college first. It is cheaper and the student will not have difficulty transferring credits. The degree will also be held in higher regard by corporations.
This is one of many examples in which private enterprise is not competitive with a collective public option.
Strayer Education Inc., a chain of for-profit colleges that receives three-quarters of its revenue from U.S. taxpayers, paid Chairman and Chief Executive Officer Robert Silberman $41.9 million last year. That’s 26 times the compensation of the highest-paid president of a traditional university.
Top executives at the 15 U.S. publicly traded for-profit colleges, led by Apollo Group Inc. and Education Management Corp., also received $2 billion during the last seven years from the proceeds of selling company stock, Securities and Exchange Commission filings show.
At the same time, the industry registered the worst loan-default and four-year-college dropout rates in U.S. higher education. Since 2003, nine for-profit college insiders sold more than $45 million of stock apiece.
Secular Human worked at a 'for profit' colleges and many are run as boiler room operations. If a student doesn't show up for class, the instructor (it's never a professor) has to call the student and invite them back to class.
Teacher's meetings are primarily about achieving quotas and recovering students who dropped out. Discipline in often non-existent and students are allowed to submit plagiarized papers with impunity. If there is a conflict with a student, the teacher is usually considered to be wrong.
These schools exist because they are heavily subsided by Pell Grants and other federal loan programs. Many of the curriculums are right wing and very light on liberal arts. Usually these schools will have a criminal justice (CJ) department, a medical programs for LPNs and medical aids, and sometimes an IT department.
Local police departments will usually not hire CJ students from for-profit colleges and the medical students aren't much better off. Students find out after he fact that there credits will not transfer to community or state colleges because the 'for-profit colleges have weak accreditation.
Wirehead worked in one of the for-profit technical schools and it was trying to get a certification from an organization that provides credentials to two year colleges. He advised his boss that they would never be certified because few of the instructors had college degrees.
The owner thought he could use 'the Miami Way" to schmooze and bribe the accrediting authority who visited the facilities. He was wrong, to make a long story short.
The real victims of these schools are the students who leave with $20-$30K in debt and no prospects of a good job that is appropriate for a college student.
The Obama administration is clamping down on these fly by night schools and will pull federal funding from the ones that cannot show they are placing students in appropriate paying positions.
Rightardia's advice to college bound students is to try to get into a state or community college first. It is cheaper and the student will not have difficulty transferring credits. The degree will also be held in higher regard by corporations.
This is one of many examples in which private enterprise is not competitive with a collective public option.
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