For-profit colleges face new wave of state investigations
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"Education Management Co., the education chain partly owned by Goldman Sachs Group Inc. that owns the Art Institute of Pittsburgh; Corinthian Colleges Inc.; ITT Educational Services Inc.; and Career Education Corp. have said since Friday that they've received demands for information from a network of at least 12 attorneys general. The Federal Trade Commission has stiffened guidelines for marketing vocational training programs, which many for-profit colleges offer."
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Re: For-profit colleges face new wave of state investigations
I'm sure glad I never went to the University of Phoenix:
VIDEO: With Senator Warren Watching, Suze Orman Denies, Admits, Rationalizes Teaching at University of Phoenix*|*David Halperin
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University of Phoenix students often have little choice but to sign up for private loans, as they likely discover when they speak with one of the school's financial aid counselors. Tuition for an associate's degree in business at the University of Phoenix Online is $24,500, while the same degree costs $4,087 at Phoenix College in the Maricopa Community College system in Arizona. A bachelor's in business at the University of Phoenix costs $74,575, while the University of Arizona charges $44,200 for the same degree.
And Suze Orman seems to be having problems with her credibility:
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At an event in Washington DC this morning, speaking alongside Senator Elizabeth Warren (D-MA), financial guru Suze Orman at first seemed to deny what is a documented fact: that she teaches a personal finance course at the nation's biggest for-profit college, the University of Phoenix. Then Orman admitted it, but offered a wholly unconvincing explanation.
Orman's explanation at the Politico forum for becoming another paid friend of the University of Phoenix was that her online class comes with a warning to drop the class, or drop out of the school entirely, if they can't afford the costs. But many of the students encounter Orman's class when they are already deep into an academic program, at a point when they face a terrible choice -- keep paying Phoenix's high prices to complete a dubious degree, or else drop out, with the great likelihood that the Phoenix credits will not transfer to most other colleges, and the student will have to start all over. Orman also ignored the fact that her presence as a celebrity University of Phoenix faculty member enhances the lure of the school for students -- offering a Good Housekeeping endorsement that likely has been touted by Phoenix sales representatives to reel in students across the country to a program that might end up destroying their financial futures.
