A recent article on bloomberg.com focused on college recruitment of the homeless. Not to say that this is a bad idea, I mean , let's face it, if we were all making 6 figures, there would be no need for this site, right? So, I had to wonder along with author Daniel Golden, what is their motivation behind all this "goodwill"? These guys are out to MAKE MONEY - not to give it away! (hence the term "for-profit")
I took the liberty of pointing out a few of the major point of the article:
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| advantages | dangers |
- assistance with application process
| - harrassing phone calls and emails
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- qualify for federal grants and loans
| - student must maintain grades and attendence to receive stipend
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- possible biweekly stipend
| - stipend policy undergoing formal investigation - which may revoke college's accreditation - leaving it ineligible for federal aid
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- small classes and low student-to-faculty ratio
| - homeless recruitment may be unauthorized by college - employees violating the ban could face termintation
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- for-profit colleges offer an opportunity for people who are down and out to get ahead
| - caseworkers feel clients are being exploited
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- Students with no assets or collateral can tap federal grants and loans on the theory that degrees will lead to well-paying jobs that enable borrowers to repay.
| - for profit schools typically charge 10,000 to 20,000 a year - well above comparable programs at community colleges.
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| | - Phoenix recruiters in Cleveland had a quota of five students a month, according to a former employee.
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| | - Education companies charge high prices that require students to take on debt.
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| | - for-profit tuitions are rising fast
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| | - Borrowers who earned bachelor’s degrees from for-profit colleges in 2007-2008 had a median debt of 32,653, well above the 22,375 and 17,700 for graduates of four-year private nonprofit and public colleges, respectively.
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| | - Those who don’t repay their student loans may forfeit their chances for public housing and are also ineligible for federal financial aid to return to college
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| | - students have to take out a government loan at 5 percent to 7 percent interest to pay the 10,000-plus annual tuition.
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| list of for-profit colleges |
| Information courtesy of bloomberg.com | list of non-profit colleges |
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As you can see, the disadvantages far outweigh the advantages for attending for-profit schools. Attending a local community college provides the same education, for less price, and they are monitored by the state. Students do not have a better chance of becoming employed if they attend a for-profit school - even though the school may imply that they do.
Regardless of the school you choose to attend, be sure to read everything thoroughly, question EVERYTHING, and do NOT sign anything until you completely understand what you are signing. College recruiters, like military recruiters and car salemen, will tell you anything you want to hear, just so long as you sign on the dotted line and they can receive their commission.
