President Obama has stepped into the breach, though with customary timidity. In July, the Department of Education made it once again unequivocally illegal to base salespeople's pay on enrollment. But other reforms were so watered down that they were rendered meaningless. Taxpayers probably should be thankful that Obama did anything. At hearings last year, Senator Tom Harkin (D-Iowa) called it the most intense lobbying campaign he'd seen in his 32 years in Washington.
To truly appreciate how weak the final regulations were, consider this: The day they were revealed, for-profit stocks soared. The stock prices of EDMC and ITT Tech, in particular, increased by 20 percent. In one day.
The government ignores the problem at the country's peril.
Total student loan debt, now over $1 trillion, has surpassed credit-card debt. These burdens will limit students' ability to contribute to our consumer economy for years to come. Worse, unlike an underwater mortgage, Congress has made it illegal for people to walk away from student loans they can't pay. The debt will follow them the rest of their life.
"This is basically a parasitic industry that is preying upon not just some of the most vulnerable members of our society, but the best of these most vulnerable members, people who listen to the rhetoric we feed them and who are actually attempting to better themselves," says Nassirian. "This is an industry that takes people's hopes and dreams and cashes them out."
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http://doonesbury.slate.com/strip
YOU HAVE GOT TO CHECK THIS STRIP OUT - RIGHT ON POINT - Chris Parker - please follow up with this - Phoenix University is doing the same damn thing here. Check out the Religious Colleges too - let's stop this bullshit!!!!
This week's story in the New Times, "Education Only a Con Man Could Love" by Chris Parker appears to have been lifted from the PBS Frontline program "Education, Inc." Just a few names are and schools are changed here and there, but I actually thought I was reading a ripoff of Frontline, probably was.
Makes all the same points in the same order, even has an identical story of a PhD candidate from a for-profit school with only the name changed. I guess Chris Parker was feeling a bit lazy and should have credited PBS and Frontline, because the two stories have damning parallels, points and overall direction.
Hey George Harrison was sued for less over My Sweet Lord -- and lost ! For shame NT !!!
Frontline even had an identical scenario for the PhD in psych, but the names are different
The whole thrust of the story if lifted from the Frontline special, "Education, Inc." Parker changed the vignettes and names, that's about it. This was Frontline's idea, not Parker's.... Maybe he thought no one would notice...
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Ya GOT to check out Doonesbury today - perfect ON POINT cartoon for the day!
http://doonesbury.slate.com/strip
Is this the same school that the Shurrff claims to have attended? He has paid for his school loans with taxpayer dollars, and we still have a POS for a Shurf!
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Someone under 18 years old cannot sign a contract and the kid's debt isn't enforceable.
Other than that, yes there are a lot of people who prey on the naive.
Where's the oversight? Where's the accountability? Ooops forgot -- the private for-profit corporations don't have to answer to the people / taxpayers. They are "private" and not government.
@truthseekeraz Actually, the Consumer Protection Buearu is looking into this. Here's that website.http://www.treasury.gov/resource-center/
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When touting the importance of higher education to kids, we must warn them about these types of schools...
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SRP & WIU are running this same scam. Pass or fail? All U.S. Treasurery Money. The paper tiger is serving up graduate degrees. I do give them credit for at least holding some class room or group participation. However, its mostly smoke & mirrors. How many SRP people in upper management come out of the WIU programs? The program is just selling false security.
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The same people who crashed the Savings and Loan industry and the Housing Industry are at it again. These people are crooks and should be locked up. Why are our elected representatives protecting these charlatans! It's disgusting - Republicans SUCK!!!!
@fairymagic13 All eat out of the same trough. Do you really expect any of them to stop their gravy train. They sure are rushing around to pass laws to protect themselves (immunity) while taking more rights away from the people.
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