Thursday, March 26, 2015

Crash of the Phoenix

How quickly a worm can turn: it looks like Phoenix, the for profit self-styled university, has lost half its students customers:
 Enrollment at America's largest for-profit university was about 460,000 students five years ago. Now it's 213,000.
 For-profit colleges only enroll roughly 12% of the country's students, but students at for-profit colleges accounted for about half of student loan defaults in 2013, according to federal data.
In 2012, Phoenix closed half of its campuses outlets.
And then there is this:
The U.S. Department of Education is so concerned about the risk that dozens of colleges pose to students and taxpayers that it has curtailed access to federal money at those institutions -- but it won’t say which ones.
Even as it pushes to make far more information about colleges available to consumers, the department is keeping hidden from public view its decisions to punish certain colleges with funding restrictions known as heightened cash monitoring.
At the end of last October, 76 colleges or universities were subject to the most stringent form of those restrictions, according to the department. Another 455 institutions, as of last August, faced a lower level of scrutiny.
But the department has refused to provide the names of those colleges because of the “competitive injury” it may cause them.
The affected institutions include both for-profit and non-profits.

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