Damn! Five years of Cordon Bleu cooking classes down the drain.
Education Dept. cracks down on for-profit colleges
For-profit colleges would be cut off from federal aid if their students' debt climbs too high under new rules the Education Department has announced.
The move essentially forces the colleges, which have been under attack for high student loan default rates and poor graduation rates, to ensure that their students get good-paying jobs and small student loans.
Advocates for the schools called the regulations unfair, noting that same rules will not apply to public and nonprofit higher education institutions.
Specifically, the rules would stop federal aid to schools if a typical graduate's annual loan repayment exceeds 20 percent of his discretionary income, or 8 percent of total earnings.
"These regulations are a necessary step to ensure that colleges accepting federal funds protect students, cut costs and improve outcomes. We will continue to take action as needed," said U.S. Secretary of Education Arne Duncan.
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Damn! Five years of Cordon Bleu cooking classes down the drain.
Education Dept. cracks down on for-profit colleges
For-profit colleges would be cut off from federal aid if their students' debt climbs too high under new rules the Education Department has announced.
The move essentially forces the colleges, which have been under attack for high student loan default rates and poor graduation rates, to ensure that their students get good-paying jobs and small student loans.
Advocates for the schools called the regulations unfair, noting that same rules will not apply to public and nonprofit higher education institutions.
Specifically, the rules would stop federal aid to schools if a typical graduate's annual loan repayment exceeds 20 percent of his discretionary income, or 8 percent of total earnings.
"These regulations are a necessary step to ensure that colleges accepting federal funds protect students, cut costs and improve outcomes. We will continue to take action as needed," said U.S. Secretary of Education Arne Duncan.
http://www.washingtonexaminer.com/education-dept.-cracks-down-on-for-profit-colleges/article/2555518