For years, regulators and the Obama administration have been trying to reign in all of the abuses of for-profit colleges. In a nutshell, these colleges make big promises to students and then encourage them to take out big student loans. The colleges get paid, but then when students can’t get the type of jobs they were promised (or just drop out), they’re stuck with the student debt and there’s zero risk for the colleges. These for-profit colleges have lower graduation rates and much higher student-debt default rates than traditional colleges.
Here’s an excellent article that gives great advice on how to evaluate online courses and degrees. It’s important to use objective resources and guides.
There are tons of great options for online education, both free and those that require payments. You just have to do your research and find the solution that’s best for you. Just be careful of any program where you will end up with loads of college debt.
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It was a pretty technical decision, but a court has struck down some of the regulations put in place by the Obama administration to regulation the for-profit-college industry. This is problematic as many of these colleges are loading up students with a ton of debt, while their degrees don’t get them a job. We’ve also seen some pretty shady practices in recruiting students to these schools. Unfortunately, there are far too many for-profit college scams out there.
This unfortunately tarnishes those colleges that provide good training for students. Hopefully the media attention will make students more selective, but the problem is that these schools are playing with our money, as the taxpayers help fund these student loans. We need more accountability and the court just made it more difficult.