Think twice before going to a for-profit college

[MillCreek]

http://money.cnn.com/2014/11/02/pf/college/for-profit-college-degree/index.html?hpt=hp_t3

We have been disappointed with the graduates of the local for-profit medical assistant program.

[roo_ster]

Think twice before going to a for-profit college

Somewhat more useful formulation.

[charby]

Somewhat more useful formulation.

depends upon your intended career path.

[RevDisk]

"Think twice before going to a for-profit college spending a lot of money without doing any research in advance"

http://www.newrepublic.com/article/116147/corinthian-colleges-lawsuit-jerry-brown-settled-will-kamala-harris

Apparently, given 20 seconds of googling, folks could have known since June 6, 2007 that Corinthian Colleges was potentially shady. Now, if I'm handing over tens of thousands of dollars, I'm probably going to spend more than 20 seconds googling. Before I went to the small university I attended, I did research. I visited the campus and talked to current students, not in a scripted environment.

Yes, I am very much aware that there are some significantly shady colleges out there. Some for profit, some non-profit. I know people that ended up deep in debt for a near worthless degree. Some had reasons for their choices (couldn't get into anywhere better, near only choice available due to geographic limitations) and others did not.

Do your homework before committing a lot of money.

[AJ Dual]

Just buy the socks. Wear floods to "the big interview". Lots cheaper.

http://store.phoenix.edu/ProductDetail.aspx?pid=118350

[KD5NRH]

"Think twice before going to a for-profit college spending a lot of money without doing any research in advance"

Responsible decision making?  What generation do you think this is?

One of the most successful men I've known had a really simple theory; whatever amount of time it takes him to earn the amount he's potentially risking is the amount of time it's worth spending on research when necessary.  Granted, for him, that meant at most an hour or two on a tricked out new truck, but still.

[brimic]

Apparently, given 20 seconds of googling, folks could have known since June 6, 2007 that Corinthian Colleges was potentially shady

Why do I associate Corinthian College with Corinthian leather?

[MillCreek]

Why do I associate Corinthian College with Corinthian leather?

And why did they never make the logical connection and hire Ricardo Montalban as a spokesperson?

[roo_ster]

And why did they never make the logical connection and hire Ricardo Montalban as a spokesperson?

Because Ricardo was already spokesman for https://www.khanacademy.org/ and there would have been a conflict of interest.

And you call yourself a lawyer!

[MillCreek]

Because Ricardo was already spokesman for https://www.khanacademy.org/ and there would have been a conflict of interest.

And you call yourself a lawyer!

Mea culpa.  I thought Khan Academy was on Ceti Alpha Six.

[roo_ster]

[Tallpine]

Apparently, given 20 seconds of googling, folks could have known since June 6, 2007 that Corinthian Colleges was potentially shady. 

Is that First Corinthian College or Second Corinthian College

 

[mtnbkr]

Mea culpa.  I thought Khan Academy was on Ceti Alpha Six.

This is Ceti Alpha VI!

Chris

[AJ Dual]

This is Ceti Alpha VI!

Chris

No worries. Considering the S.S. Botany Bay was only launched in 1996, it's probably not even past the Oort Cloud yet.

[erictank]

No worries. Considering the S.S. Botany Bay was only launched in 1996, it's probably not even past the Oort Cloud yet.

She had some sort of nuclear drive, IIRC off the top of my head. Probably faster than the (comparatively) pitiful little purely-chemical rockets we actually have here in the real world.

[MechAg94]

Is that First Corinthian College or Second Corinthian College

 

Well Duh!!  It would have to be 3rd!

[MechAg94]

He also disputed the allegations against the school, noting that Corinthian's student loan default rate (of up to 27% for its Everest College campuses) is lower than other community colleges and its graduation and job placement rates are higher.

How much does this school cost?  If someone is taking out loans to go to community college, I really think they aren't making good decisions anyway.  I thought those schools were supposed to be cheap enough you didn't need loans. 

[Fitz]

How much does this school cost?  If someone is taking out loans to go to community college, I really think they aren't making good decisions anyway.  I thought those schools were supposed to be cheap enough you didn't need loans. 

My wife took out a loan. Mostly because she's not a resident yet. We'll be paying them off and paying cash for future semesters.

[Firethorn]

A lot of this stuff is enabled by the government.  Placing student loans in a special category that's almost impossible to dispose of through bankruptcy.  Setting the rules for loans, even providing lots of them.  Lots and lots of programs to help subsidize said schools, providing grants to low incomes.

Conclusion:  There's lots of government involvement here.

I'd make ONE simple adjustment this:  You may pay back ANY student loan with 10% of your net income(after taxes) over 10 years.  Well, 5 years per 2 years of education.  With losses if that doesn't cover costs split between the school and loan company.

That way loan companies don't want to do business with lousy schools*, and lousy schools can't make money.

Of course, that doesn't support the administration's goal of maximum availability.

*Currently they don't care because of the non-dischargability and federal guarantees mean they get their money anyways.

[brimic]

I'd make ONE simple adjustment this:  You may pay back ANY student loan with 10% of your net income(after taxes) over 10 years.  Well, 5 years per 2 years of education.  With losses if that doesn't cover costs split between the school and loan company.

But but but... That's going to hurt wymyn's studies programs and diversity!!

[KD5NRH]

I'd make ONE simple adjustment this:  You may pay back ANY student loan with 10% of your net income(after taxes) over 10 years.  Well, 5 years per 2 years of education.  With losses if that doesn't cover costs split between the school and loan company.

That way loan companies don't want to do business with lousy schools*, and lousy schools can't make money.

It would also eliminate loans for useless majors.  I have no problem with someone getting a degree in left handed polynesian transvestite studies, as long as they're paying for it rather than borrowing the money while planning to just sit on the debt until they die and leave the rest of us holding the bag.