Is every college really a college? An industry has developed around funneling unwitting people into a questionable segment of the educational system and the federal government could be directly or indirectly involved. Today the for profit higher education sector is mired daily in controversies and its benefits to those it purports to serve is questionable at best. This press release is an example of the problem.
Firstly, college and technical college, like anything worth doing, should be hard. In my day, students said they “took” this degree and that degree from creditable institutions. You knew the creditability because the schools were state institutions or private ones accredited by known sources. While I loved President Obama, I disagree with his effort to have everyone go to college (higher training and life-long learning, yes) but college is different. I hate commercials about making college easy and working around busy schedules. If I spent the first six years of my adult life eating noodles and writing papers, a person who went directly into the workforce to make money is in a different situation. Many of my friends who make six-figures simply took a job weeks after high school or went into the military and worked their way up.
To be honest, people who are “between opportunities” often consider school as an educational option that brings money into the household and there is nothing wrong with that. They should enroll in the local state college or select a major at the state-run technical colleges.
However, proprietary or for-profit schools are signing up loads of students from minority communities who aren’t familiar with the financial aid process. “Just sign here and you will have some cash in your hand every few months.” These students don’t know that most of this money is simply a student loan, the cost of the school is higher than a state school and some of the diplomas they might receive wouldn’t be as accepted as traditional ones. The wiki page on this topic is a real eye opener.
“If this problem was true, surely my congressman would be on top of this matter.” Child, please. The Wall Street firms behind these schools are some of the biggest contributors to both political parties. The student loan default rate for these schools is astronomically high and taxpayers’ money ultimately secures the loans. We are starting to hear more and more from former employees of the corporations behind these schools and the federal investigators are learning the real deal.