For Profit Colleges

A weak economy that has frustrated job growth has led many people to consider enrolling in for-profit colleges. The admissions requirements are usually more relaxed than those found in private and public colleges and universities and the for-profit marketing brochures make it appear that a for-profit education will make it easier to obtain a job in a tough economy. However, there’s a caveat in this-the cost of some of these schools can be $100,000 or more. Many of these for-profit schools are not accredited so that credits don’t transfer to other academic institutions.
Complaints from former students and graduates became so numerous that the federal government began investigating these schools last year. (The federal government provides billions of dollars to these schools in the form of loans each year.) As a result, the federal government now requires that for-profit schools 1)cease paying admissions counselors based on the number of students they enroll, 2)provide job placement statistics by industry that are verifiable by an independent agency, and 3)require states to regulate such institutions.
In Florida, more than 180 for-profit college students have complained to the attorney general, according to a report in the Tampa Tribune.
Before deciding to pay for and attend a for-profit college, it’s important to do your homework. Check to make sure the school is properly accredited. Obtain information about the school from an independent agency. Ask questions about the school’s job placement history and their students’ default rates on student loans. As always, caveat emptor! Let the buyer beware.