Our intrusive federal government, through its Department of Education, decided last year that for-profit colleges needed an extra regulation. If a for-profit school program fails a "gainful employment" test, the feds can cut off student loan funding, essentially killing it. Oddly enough, the gainful employment rule doesn't apply to not-for-profit colleges. One of the issues of the OccupyWallStreet protesters is large student loan debt among unemployed and underemployed college graduates. For instance, it's a safe assumption that the OWS protesters interviewed for a Huffington Post article about burdensome loan obligations attended not-for-profit schools.
Let's see how a couple of state not-for-profit schools are managing their money.
At the University of Illinois-Chicago, a townhome worth $1 million was bequeathed to the college so it could be used as its chancellor's residence. A good thing? Well, the school spent $625,000 to rehab it. The home will be used for fundraisers, so it was made ADA-compliant. An elevator was added. Of course those fundraisers could be held instead on-campus in a building with elevators. They have them there.
My grade for UIC: D for "Duh."
The U of I's largest campus is my alma mater in Urbana-Champaign. That tax-payer supported college will shell out $920,00 in tuition waivers for student-athletes. The Fighting Illini's athletic department has a $75 million operating budget. Addressing this outlay should be pretty simple, even for a school that belongs to a sports conference called the Big 10 although it has 12 members. Make the jocks pay tuition--or have the athletic department come up with more scholarships.
My grade for UIUC: D for "Defenseless."
Bug the federal government doesn't seem bothered by these for-profit college outrages.
That is gainfully hypocritical of them.
Related posts:
For-profit schools a good bargain in tough times--especially for veterans
Kentucky Dem's lame attack on for-profit colleges
Report from the bloggers' conference call on Dept of Ed's gainful employment rule for career colleges
McHenry County College's gainful disaster of a scholarship program
Minority business leaders speak up in favor of for-profit colleges
Soros, liberal groups aiding Obama's war on career colleges
Dept. of Ed. arranging one-sided "conversation" about for-profit colleges
Issa investigating allegations that GAO destroyed evidence from sloppy for-profit college investigation
Short-seller talked to Education Department about "gainful employment" rule
Washington Post Co. CEO: Proposed Dept of Ed rules on for-profit schools will harm low income students
Vet and student speaks up for career colleges
Campus Progress reports on career college issue--while fighting for-profit schools
War on for-profit colleges' Jayson Blair exposed by Gawker
Sun-Times: Feds shouldn't punish career colleges
Don't punish career colleges
Issa's oversight committee to look at GAO report on career colleges
Tom Harkin attacks career colleges
GAO revises its negative report about for-profit schools
The Department of Education's war on career colleges
Idiotic edu-crats attacking for-profit colleges
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