For profit schools get rich off students

NetworkingStudentNetworkingStudent Posts: 1,353Member ■■■■■■■■□□
I go to a private for Profit College, but I wish I would have went to a state funded college. Anyone thinking about going to a profit college such as: ITTech, Rasmussen, DeVry… and so on should read this article.
National American University gets rich from federal loans - Page 1 - News - Minneapolis - City Pages

The worse part is that it's hard to transfer your credits from a profit to a state school, because the credits aren't regionally accredited.
When one door closes, another opens; but we often look so long and so regretfully upon the closed door that we do not see the one which has opened."

--Alexander Graham Bell,
American inventor

Comments

  • Daniel333Daniel333 Posts: 2,073Member ■■■■■■□□□□
    Have you found a single company who's goal wasn't "get rich off" consumers?

    Either way, Caveat emptor.
    -Daniel
  • mikej412mikej412 Posts: 10,090Member
    The story has been making the rounds of US News media.

    This UK article (and title) sums it up nicely: Times Higher Education - Selling out to get 'asses in classes'

    Your local Community College or State Colleges are usually a better and cheaper option. Same with the non-profit online option -- WGU.
    :mike: Cisco Certifications -- Collect the Entire Set!
  • erpadminerpadmin Posts: 4,165Member
    I go to a private for Profit College, but I wish I would have went to a state funded college. Anyone thinking about going to a profit college such as: ITTech, Rasmussen, DeVry… and so on should read this article.
    National American University gets rich from federal loans - Page 1 - News - Minneapolis - City Pages

    The worse part is that it's hard to transfer your credits from a profit to a state school, because the credits aren't regionally accredited.


    After reading this article, I decided to look up various colleges' default rates...click here:

    No doubt the numbers are higher as more and more students have enrolled in FY 2009 and FY 2010. National American pretty much takes advantage of students who could not even get into a community college, and probably would not have learned about the nastiness of defaulting a student loan. The fact that these places act with little to no impunity because they spend so much money on a lobby that protects their wealth is disgusting.

    At the same time, it makes me wonder if any of us are perhaps in the wrong racket? LOL...makes me think of starting my own college like Accepted. icon_lol.gif
  • brianeaglesfanbrianeaglesfan Posts: 130Member
    The worse part is that it's hard to transfer your credits from a profit to a state school, because the credits aren't regionally accredited.

    Just an FYI, Devry, Rasmussen, U of Phoenix, Capella, and a number of other for profits are regionally accredited. And credits can be hard to transfer between state funded schools as well. You're usually better off finishing a degree at one and then enrolling in a higher level program at another school. Just keep in mind that if your goal is to go to Harvard for grad school, you should plan accordingly, because all of the above, and most state schools, will not cut it.
    Complete: MSMIS, MBA, EPIC certified
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  • msteinhilbermsteinhilber Posts: 1,480Member ■■■■■■■■□□
    I had a less than stellar experience with a for-profit school. It had nothing to do with perceived value of the degree or anything like that, but only my own overall opinion of the quality of education based on several instructors who I had experienced that were giving out the wrong information. I'd say about 95% of the students had no idea since the majority were trying to make it into the industry, while I was already experienced and working in the industry and just earning my degree to have a competitive edge.

    That said, when I was considering going back to earn my Master's (and ended up selecting WGU) - I still looked at options from both for-profit and non-profit schools. It's good to be aware of the potential pro's and con's of a for-profit or even non-profit school but at the same time I think it's pretty naive to think just because a school is a non-profit that there isn't someone along the line that isn't going to benefit monetarily or would be exempt by default from any negative stigmas associated with some for-profits. Not at all implying you are suggesting that, just clarifying for people who read this that regardless of a schools for-profit or non-profit status - you still need to really do your homework when making a decision.
  • caileyberrycaileyberry Posts: 1Registered Users ■□□□□□□□□□
    I have read a lot of comments (mainly negative) regarding schools that are "for profit." This may seem like a silly question, but how does one know if a school is a "for profit" school? 'cause I recently read bout Department of Education's warning on profit educational institutions. It says there are too many individuals from these institutions who are finding it hard to repay their student loans. That if the circumstance does not reverse, those schools might drop access to federal student aid.
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