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For-profit Higher Education
The U.S. Department of Education has approved the sale of the Apollo Education Group, which owns the giant for-profit University of Phoenix, to a group of private investors, but has imposed strict conditions on the deal. The investors agreed to purchase the company this year for $1.14 billion.
The Editorial Board writes: The effort to bring accountability to the anything-goes landscape of for-profit higher education has landed hard — but justly — on Globe University and the Minnesota School of Business.
Rep. Virginia A. Foxx, a North Carolina Republican who just won election to her seventh term in Congress, was named on Friday as the new chairwoman of the House Committee on Education and the Workforce, the main policy-making panel for higher education in the chamber. She is known for her support of community colleges as well as for-profit colleges, and for her opposition to the creation of a unit-record system for tracking individual students’ educational progress. She also has a reputation for making controversial comments. She once said Americans had more to fear from a health-care overhaul than terrorism.
For-profit colleges are looking with relief to the incoming Trump administration, banking on a rollback of tough regulations that threatened to lead to the closure of hundreds of schools and that drove their stock-market valuations down sharply. Investors, in turn, have poured hundreds of millions of dollars into education stocks since the election, hopeful that a change of regime would spur a resurgence in the for-profit college sector.
Nearly a half-million people are borrowing $5 billion a year to pursue advanced degrees from for-profit colleges and universities, even as the industry is reeling from investigations, lawsuits and the collapse of prominent players, according to a study that the Center for American Progress released Thursday.
A Congressional Research Service memo indicates regulations finalized after May 30 will be subject to expedited review by Congress.
About a third of recent for-profit college graduates attended career-training programs whose typical graduate annually earns less than the federal minimum wage, new federal data show.
Donald J. Farish, President, Roger Williams College writes: Three questions: What does Donald J. Trump’s election portend for higher education? How should we respond to ill-conceived, threatening, or dangerous initiatives from Washington? Is higher education somehow complicit in President-elect Trump’s victory?
Wall Street Journal Editorial Board writes: As a parting gift to young voters, the Obama Administration last week issued a rule allowing borrowers to discharge billions of dollars in student debt. Tucked in are knick knacks for the plaintiffs bar and another whack at for-profit colleges.
Education Department releases regulations to protect student borrowers against fraudulent and abusive institutions. Although rules are aimed at for-profit colleges, critics say they could have repercussions for all colleges.