Thursday, September 8, 2016

Muhammad Akbar

These Are the Shady For-Profit Schools Under Investigation Right Now

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In recent years, many for-profit colleges have come under widespread scrutiny for their somewhat questionable practices.
Most private, for-profit colleges, unlike public colleges, are run by businesses and are managed by various investors and stockholders. Some of the worst for-profit colleges have greatly exaggerated certain information in an effort to entice students to enroll.
While for-profit colleges have made money, many of their students have become victims of an educational system some say is based on fraudulent practices.

Obama for-profit colleges crackdown

In an effort to clean up the system, there is currently under President Obama for-profit colleges crackdown.
In June 2016, a federal panel voted to shut down the Accrediting Council for Independent Colleges and Schools. This is the largest accrediting agency for for-profit colleges.
Essentially, this move cut off all federal financial aid to these schools. And the list of for-profit colleges shutting down or currently under investigation continues to grow.
Wondering if your school is next? Here’s a list of the worst for-profit colleges that are being monitored or shut down since the Obama for-profit colleges crackdown began.

For-profit schools shut down or under investigation

1. Corinthian Colleges

Last year Corinthian Colleges was hit with a $30 million fine for misrepresenting information. Shortly thereafter, Corinthian Colleges shut down all of their remaining locations.
Corinthian Colleges Inc. is the umbrella company for various schools including, Everest College, WyoTech, and Heald College. All in all, 30 locations, many of which were in California, were closed completely.

2. ITT Educational Services AKA ITT Tech

After more than 50 years, ITT Educational Services, Inc. will permanently shut down all ITT Technical Institutes.
The closure comes after the U.S. Department of Education banned ITT Tech from enrolling new students who relied on federal aid to pay for their education with them.
ITT Educational Services, Inc. issued a press release on their website that blamed the government for the closure and the impact on students.
Current ITT students, recent graduates, and students who withdrew in the past 120 days will be offered two options by the U.S. Department of Education: credits transfer and student loan forgiveness.

3. University of Phoenix

In 2015, University of Phoenix was investigated by the Federal Trade Commission for deceptive advertising practices. Subsequently, they were ordered to turn over documents to the Feds.
Shortly after, University of Phoenix’s parent company, Apollo Education Group decided to sell to a group of investors.
Enrollment is currently down for the University of Phoenix as the Obama for-profit colleges crackdown continues.

4. DeVry University

In early 2016, DeVry University was sued by the Federal Trade Commission.
The FTC alleges that “DeVry’s advertisements deceived consumers about the likelihood that students would find jobs in their fields of study, and would earn more than those graduating with bachelor’s degrees from other colleges or universities.”
Similar to the University of Phoenix allegations, DeVry University is being accused of deceptive advertising practices in order to recruit students.

For-profit colleges investigated in 2010 by GAO

In 2010, the U.S. senate and Government Accountability Office (GAO) began an investigation into for-profit colleges and how they used their funds.
The investigation ultimately found that many for-profit colleges used deceptive tactics and fraudulent practices to lure students into enrollment.

For-profit schools under 2010 GAO investigation:

1. American InterContinental University and Colorado Technical University
2. American Military University/American Public University
3. Anthem College
4. Argosy University
5. Ashford University
6. Capella University
7. Chancellor University
8. DeVry University
9. ECPI University
10. Everest College
11. Henley-Putnam University
12. Herzing University
13. ITT Technical Institute
14. Kaplan University
15. Lincoln College Online
16. National American University
17. Rasmussen College
18. Remington College
19. Strayer University
20. Trident University
21. University of Phoenix
22. Vatterott College
23. Walden University
24. Westwood College
A few other schools that came under scrutiny as well:
1. Ashworth College
2. Centura College
3. Ellis University & The Cardean Learning Group
4. Ivy Bridge College
5. National College

What to do if your school is getting shut down

If your school is shutting down or at risk under the Obama for-profit colleges crackdown, you may be worried about what to do next. Especially, if you have burdensome student loans from a school that no longer exists.
Luckily, there are loan discharge options for federal student loans according to the Federal Student Aid website.
You can take advantage of these options if:
  • Your school closes and you are unable to complete your degree because of the closure
  • Your school shuts down within 120 days after you withdraw
If you were a student of one of the Corinthian Colleges, you may be eligible for loan forgiveness. In order to qualify, you must have attended a Corinthian school that closed on April 27, 2015.
You may also qualify if you believe you were a victim of fraud by one of the Corinthian Colleges. You can find more information online through the Federal Student Aid’s Information about Debt Relief for Corinthian Colleges Students.

Life after for-profit colleges

The worst for-profit colleges have given universities a bad name and preyed on college students.
There are quite a few for-profit colleges that have been shut down recently. Or, that have been under investigation over the past few years.
With the Obama for-profit colleges crackdown, moves are being made to ensure that students are taken care of, Rather than students being taken advantage of.
However, it’s still important for you to understand where things stand and what you can do. If your school is on this list, you may want to start looking into a loan discharge plan. Or, transferring to another school to complete your degree.

Muhammad Akbar

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