US Dept of Education pulls the plug on a MAJOR FOR PROFIT

[futuremrsmlb]

Was just browsing the web and stumbled upon this yahoo article.

https://www.yahoo.com/news/profit-colleg...07656.html

No more federal aid for ITT Tech!
I think this is a sign of things to come. This is great cheersmate

[bjcheung77]

This is going to be scary for all For Profit Schools... it seems the hunt has begun for "cracking down" on these institutions that give credits for $.
I like the fact that the article informs us these schools are "preying" on the low income earners, as that's exactly what they're doing with the financial aid options.
People don't know it, but most, if not all financial aid has got to be paid back, it's like spending on a credit card, debt levels have gone up the roof.

[davewill]

This is going to be scary for all For Profit Schools... it seems the hunt has begun for "cracking down" on these institutions that give credits for $. ...

One thing that isn't happening so much is credit for $, if by that you mean not having to complete work to get credit. That would get them in trouble with accreditation. What's happening is more that it DOES take a lot of work to get the credit and many of these students aren't prepared to be successful in their programs.

[jsd]

This is going to be scary for all For Profit Schools... it seems the hunt has begun for "cracking down" on these institutions that give credits for $.
I like the fact that the article informs us these schools are "preying" on the low income earners, as that's exactly what they're doing with the financial aid options.
People don't know it, but most, if not all financial aid has got to be paid back, it's like spending on a credit card, debt levels have gone up the roof.

Agreed. I'm glad predatory schools are being targeted. I'm not a fan of for-profits in general, but of course there are good ones out there that should be left alone. These predatory ones on the otherhand, I'm not going to shed any tears over them losing their federal aid access.

[futuremrsmlb]

I agree with all of you.
As you can see in my signature I finished my undergraduate degree at Kaplan, a for profit. However, i finished by paying out of pocket. I am pursuing my MBA at Kaplan for fear that for profits is my only choice (among other reasons)....

I tried Kaplan once before in 2007 a couple years after finishing high school. I was young and had no knowledge of the financial aid process. In addition to federal loans and grants, Kaplan pretty much convinced me that the ONLY way I could finish my degree was taking out a $5000 private loan through Citibank. Which i did (dumb move). I completed a year of studies then started getting bills for $200 a month. With all of my federal aid and private loan it was not enough (somehow) to cover my expenses. So i withdrew.
I sure wish I knew then what I know now about for profit schools. But hindsight is 20/20.

[sanantone]

ITT Tech is among the worst of the worst. They offered students a no-interest loan, but didn't tell them it had to be paid back in one year. When they were informed that the balance was due and students couldn't pay it, they moved the balance over to a high-interest loan. ITT Tech's tuition is priced higher than the financial aid limit, so students either had to get a loan through them or come up with the rest of the money out of pocket.

[futuremrsmlb]

Agreed. I'm glad predatory schools are being targeted. I'm not a fan of for-profits in general, but of course there are good ones out there that should be left alone. These predatory ones on the otherhand, I'm not going to shed any tears over them losing their federal aid access.

Welp, that didn't take long! They decided to shut down

http://finance.yahoo.com/news/itt-techs-...06610.html

[Johann]

Welp, that didn't take long! They decided to shut down

They decided? "As the trap-door dropped, the prisoner fell through and the noose tightened. He immediately decided to stop breathing."

Deserved - sure. I agree. Voluntary decision - I hardly think so. Cause and effect.

J.

[futuremrsmlb]

They decided? "After the trap-door dropped, the prisoner fell through and the noose tightened. He immediately decided to stop breathing."

Deserved - sure. I agree. Voluntary decision - I hardly think so. Cause and effect.

J.

So true!
Lol haha, poor choice of words on my part. 😄