Posts Tagged ‘debt’

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Student-debt

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The largest university in the United States—the University of Phoenix, part of the Apollo Education Group [ht: ja]—has been given an F by Wall Street investors. Its stock tumbled almost 30 percent in today’s trading.

A key problem is that, while for-profit colleges only enroll roughly 12 percent of the nation’s students, students at those colleges accounted for about half of student loan defaults in 2013. And, as we know, the quality of education continues to be dismal.

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Student enrollments and revenues have thus been falling in recent years. Degreed enrollment in the Apollo Education Group was most recently 227,400 students, less than half its own peak five years ago and down 13.5 percent from the first quarter of fiscal 2014. This year it will be lucky to take in $2.7 billion, although it had revenues close to $5 billion in 2010.

This would be the perfect time for public colleges and universities to attract many of the students who are leaving the for-profit sector of higher education. The problem is, public institutions are behaving more and more like their for-profit counterparts, being forced to rely more and more on tuition payments from students, who are taking on increasing levels of debt, instead of public financing.

In that sense, the country as a whole deserves an F for its failure to provide high-quality, affordable higher education to its citizens.

March 7, 2015

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Recovery: New Job, Day One

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