These improved student protections led to a decline in for-profit enrollment and the closure of several large for-profit chains between 20. In addition to individual actions against specific colleges, the Obama administration put into place restrictions on aggressive recruiting, streamlined the Borrower Defense process for loan forgiveness when colleges defraud students, created the College Scorecard to disseminate information on student outcomes, and established the Gainful Employment rule to hold colleges accountable for the debt and earnings of their graduates. (This was calculated by the author using data on degree and non-degree enrollment from the Department of Education (2019), Tables 303.25 and 303.20.)īeginning in 2010, investigations by the Government Accountability Office and the Senate, followed by regulations and sanctions by the Obama administration, led to school closures and enrollment declines in the for-profit sector. In just the four years between 20, enrollment in for-profit colleges surged by 76%. The Great Recession further fueled the increase in enrollment workers seeking retraining were swayed by the convenience of online learning and the ( often misleading) marketing of some of the largest for-profit chains. The rise of online learning combined with lax federal oversight contributed to the rapid growth of the for-profit sector in the early 2000s. In light of extensive evidence that for-profit institutions yield both lower earnings gains and higher debt for students than other institutions, policymakers, students, taxpayers, and voters should be very concerned about this trend. The combined effects of a pandemic-induced recession, campus closures, and the deregulation of the for-profit sector under the Trump administration have created a perfect storm for a resurgence of the for-profit sector.
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