Corinthian Abruptly Shuts All Campuses, in Mid-Semester

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Corinthian Abruptly Shuts All Campuses, in Mid-Semester

Post by Anaxagoras » Mon Apr 27, 2015 3:21 am

Way to go! Many students were just weeks away from graduation.

Corinthian Abruptly Shuts All Campuses, Ending College for 16,000
Corinthian Colleges Inc. shut down its remaining 28 for-profit career schools, ending classes for about 16,000 students, in the biggest collapse in U.S. higher education.

All campuses will be closed effective Monday, Corinthian said in a statement Sunday. The company, which owns the Everest, Heald and WyoTech schools, said it will work with other colleges to try to place the students.

Corinthian collapsed last summer after the U.S. Education Department curtailed its access to federal student aid. The Santa Ana, California-based company agreed to sell half of its 107 campuses to Education Credit Management Corp. in November amid allegations that it falsified grades, attendance and job-placement rates.
Sunday’s abrupt closure of Corinthian Colleges – including Heald in Rancho Cordova and Roseville – shocks students
Some were only weeks away from graduation. Others were just beginning their quest for a higher degree.

But on Sunday, scores of Heald College students in Roseville, Modesto and statewide were left feeling bitter and bewildered at finding their campuses would immediately close. That news came following an announcement by parent company Corinthian Colleges that it would shutter all 28 of its remaining campuses, rounding out months of trouble for the for-profit college giant.

“I went to school all week, just like normal, and I thought (Monday) would be just another regular day,” said Maria Mejia, 45, who was 10 weeks away from completing her medical office administration degree at Heald College’s campus in Modesto. “I still have homework due for tomorrow. I keep thinking what am I going to do? ... If I show up to class tomorrow, are the doors going to be locked?”
And is it just Corinthian or should all for-profit colleges be viewed with suspicion?

Recently John Oliver did a good segment on them that made me think that students who go to these places are being overcharged and getting an inferior value for their money. After watching it, it seemed to me like the situation with these for-profit colleges is even worse than I had imagined it to be. Many of the students end up with crushing debt burdens, but not very good employment prospects. Well worth watching IMO:

[youtube]P8pjd1QEA0c[/youtube]
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Re: Corinthian Abruptly Shuts All Campuses, in Mid-Semester

Post by Abdul Alhazred » Mon Apr 27, 2015 9:04 am

Do you think Harvard and Yale are *not* about the money?

Or any of the big "football" schools?

This is a good example of the government playing favorites along political lines.
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Re: Corinthian Abruptly Shuts All Campuses, in Mid-Semester

Post by Rob Lister » Mon Apr 27, 2015 11:12 am

“I still have homework due for tomorrow. I keep thinking what am I going to do?..."
Not your homework, obviously.

I interviewed for an instructor position at one of these 'type' schools when I first got out of the navy. I think it was my first interview. They contacted me for the position and led me to believe I'd be teaching classes in analog circuit analysis and possibly some electrical intro courses. I went to the interview and discovered it was a bait and switch. They wanted me to teach classes in subject matters for which I had zero education or even familiarity with. My interviewer said that didn't matter and that I was just there to read and follow the lesson plan. It was an hourly position paying 50 cents more than minimum wage. Two three-hour classes, 5 days a week; one starting at 8 am and the other 8 pm.

I seriously asked if this was some sort of joke. I figured Allen Funt was going to walk in the room at any minute. It couldn't possible be real. She responded that I clearly wasn't cut out for this type of work. I agreed and left.

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Re: Corinthian Abruptly Shuts All Campuses, in Mid-Semester

Post by Anaxagoras » Mon Apr 27, 2015 1:09 pm

Abdul Alhazred wrote:Do you think Harvard and Yale are *not* about the money?

Or any of the big "football" schools?

This is a good example of the government playing favorites along political lines.

That's not really the point. If you go to Harvard or Yale, you come out with a degree that's probably worth what you paid for it in terms of employment opportunities. Rob's anecdote is illustrative of the quality of the education you may be getting at one of these colleges. An instructor being offered barely over minimum wage? Teaching a subject he has no expertise in?
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Re: Corinthian Abruptly Shuts All Campuses, in Mid-Semester

Post by Anaxagoras » Mon Apr 27, 2015 2:34 pm

I recommend watching the John Oliver bit because he makes a topic that sounds boring quite interesting, but this article also lays out some basic facts:

3 Must-Know Facts About For-Profit Colleges, Student Debt
We're paying greater attention to for-profit colleges because investigations are turning up worrying borrowing levels, debt levels, default levels, and poor outcomes in general, including some cases of fraud, says Pauline Abernathy, vice president of the Institute for College Access & Success.
. . .
1. For-profits are expensive. ​Tuition and fees at for-profit colleges averaged $15,130 in the 2013-2014 academic year, according to the College Board's Trends in College Pricing.

That's compared with $3,264 at two-year public colleges for in-state students and $8,893 at four-year public colleges for in-staters.
. . .
Higher price tags mean high levels of borrowing. Nearly 90 percent of 2012 for-profit graduates had student loans​, with the average debt among for-profit college graduates who borrowed reaching nearly $40,000, according to the Institute for College Access & Success. ​

Those high costs can skyrocket for students who delay graduation, which just 31.5 percent of for-profit students manage to achieve within six years, according to federal data. That's compared with about 57 percent at public institutions​ and about 66 percent ​at nonprofit private colleges.
The $40,000 average debt burden compares with $25,550 for public 4-year colleges and $32,300 for private non-profits.
2. For-profit graduates struggle to find employment. Studies suggest that applicants who list for-profit college credentials on their resumes don't get ​called back by potential employers as frequently as graduates who hold other kinds of degrees​.

Applicants with business bachelor’s degrees from large online for-profit institutions are about 22 percent less likely to hear back from employers than applicants with similar degrees from nonselective public schools, says the study from the National Bureau of Economic Research.

[Learn why for-profit students may earn less than their peers.]

Another study found that applicants with certificates, associate's degrees and other credentials from for-profit colleges fared no better in receiving callbacks from employers than those from much-cheaper community colleges.

"Our findings suggest that employers don’t value for-profit credentials any more than public community college credentials," says Cory Koedel, an associate professor at the University of Missouri and co-author on the study. "But for-profit credentials are quite a bit more expensive."
So what you are getting for all that money is valued by employers only as much as a much cheaper 2-year degree from a community college.
3. For-profit borrowers default at higher rates. The likelihood of a student defaulting at a for-profit college is nearly four times higher than at a community college and more than three times higher than at a four-year public or nonprofit college, according to a news release from the Institute for College Access & Success.

Default rates may stem from the combination of high loan balances and difficulty finding employment, says David Deming, an associate professor of education and economics of Harvard Graduate School of Education ​and co-author of the NBER study. "To the extent that you have trouble finding a job when you graduate, it affects your ability to pay student loans," he says.
And for Abdul who points out that they are all ultimately "in it for the money" whether public or private, non-profit or for-profit, I would offer that both Rolex and the guy selling knock-off Rolexes on the street corner are "in it for the money". Or, name any business and there's both reputable companies that provide a quality product and the bottom-feeders. They are both "in it for the money". But there's an important difference nonetheless. Caveat emptor.
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Re: Corinthian Abruptly Shuts All Campuses, in Mid-Semester

Post by corplinx » Mon Apr 27, 2015 2:44 pm

I have a friend who got his masters from a for-profit on the GI Bill. He knew what he was getting into and exploited it to get a degree on his own time.

Now he teaches at night online for a for-profit. 2k a month extra income. He has a script. He knows he is mostly there to answer students questions. He does a little bit of work, and reaps easy cash on the side.

Any business can go tits up. Are we going to require for-profits post a notice? Is this a moral panic by the entrenched Universities?

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Re: Corinthian Abruptly Shuts All Campuses, in Mid-Semester

Post by Abdul Alhazred » Mon Apr 27, 2015 2:58 pm

Caveat emptor.
You can get an English Lit degree from Harvard and not read any Shakespeare.

Lots of critical theory, and maybe a few factoids such as Shakespeare being gay.

Who was gay, anyhow? The impresario of the Globe Theater, or that other guy who really wrote that stuff? :P
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Re: Corinthian Abruptly Shuts All Campuses, in Mid-Semester

Post by whitefork » Tue Apr 28, 2015 12:22 pm

I wonder if you can get a job in the English department at Harvard without having read any Shakespeare?
If it's good enough for Nelson, it's quite good enough for me.

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Re: Corinthian Abruptly Shuts All Campuses, in Mid-Semester

Post by Abdul Alhazred » Tue Apr 28, 2015 1:01 pm

whitefork wrote:I wonder if you can get a job in the English department at Harvard without having read any Shakespeare?
Probably not, but you need more than a BA in English lit for such a job.

The "traditional" reason for a BA in English lit is genuine interest in literature combined with a well rounded education for a clerical gentleman. If you'll be wanting a "real job" after graduation, that's what the pater's connections are for.

Not the way they'd sell it this side of WWII of course.
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Re: Corinthian Abruptly Shuts All Campuses, in Mid-Semester

Post by Doctor X » Wed Apr 29, 2015 2:50 am

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Re: Corinthian Abruptly Shuts All Campuses, in Mid-Semester

Post by Witness » Sat May 09, 2015 12:52 am

Tangentially related:
RawStory wrote:Traditional universities quietly join with for-profit colleges to roll back regulations
http://www.rawstory.com/2015/05/traditi ... gulations/

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Re: Corinthian Abruptly Shuts All Campuses, in Mid-Semester

Post by Anaxagoras » Sat May 09, 2015 9:30 pm

The emerging alliance points to a new calculation by the higher education lobby. By throwing in with the for-profits, traditional schools might be able to capitalize on Republican control of Congress to limit the government’s reach into their own campuses. Among other things, colleges and universities would like to block the proposed new federal ratings system designed to help families choose institutions based on how of their many students graduate and where they get jobs.

. . .

At stake in this case is the roughly $150 billion that the federal government shovels annually into colleges and universities in the form of Pell grants and subsidized loans for students. Current and former higher education regulators say the federal government is obliged to assure that taxpayers are getting results for that spending.

“The higher ed lobby doesn’t want any accountability — they want money, and they want money without limitations, without restrictions, without accountability to anybody outside the academy,” said David Bergeron, who served as Obama’s acting assistant secretary for postsecondary education before joining the Center for American Progress, a Democratic think tank that’s close to the administration.
Guess I shouldn't be surprised.
A fool thinks himself to be wise, but a wise man knows himself to be a fool.
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