For-profit colleges could not pass up the big bucks. Online schools started making a fortune without having the costs of brick-and-mortar schools. They were making terrific money. Universities saw how much profit was in education and they pushed it like a corporation. Push the cost up as high as the traffic will bear. Now Americans take out a college mortgage. It is wrong and hurts American competitiveness.
Bullshit.
First of all - ALL universities are "for profit." Institutions like Yale and Cambridge massively enrich their stakeholders. Professors and Administrators with 7 figure salaries.
So-called "non-profit" schools gorge themselves on 97% of money spent on higher education.
Fast Facts: Expenditures (75) (ed.gov)
The few private, for profit institutions have no impact on the expenditures. Private, Non-Profit institutions are the most expensive per unit - this is the Gravy League schools.
Consider this, the University of Phoenix licenses their MBA curriculum from Harvard. Given that BOTH institutions are Online for the Business School since Covid, there is literally ZERO difference in the education provided - Yet Harvard is a whopping 17 times more expensive for the program. Granted, they are selling the name, the brand - but the actual education is identical. Talk about gouging.
We have predatory lenders, particularly Sallie Mae and unethical recruiters who rope utterly unqualified students into programs that have no earning potential - or worse into legitimate programs that the student has no chance of succeeding in. People are conned into believing they HAVE to have a college degree. Unless you are a professional, this is simply not true. They get talked into HUNDREDS of thousands of dollars in debt for virtually nothing in over half the cases.
My pool boy makes more a year than I do. I have a doctorate; he has a high school diploma. But he built a thriving business with three dozen crews covering eastern Orange County and western Riverside County. Everyone has a pool in this area - $200 a month per client - it adds up quick.
The ANSWER to this is to allow students to sue these institutions for malpractice. If your education doesn't qualify you for a position that pays an annual salary greater than that sum total of the education within 5 years, you were taken - suckered - scammed.
You think a professor at Stanford gives a FUCK about educating students? LOL, they care about their $3 million yearly salary. Hooking the rubes is how they fund it.
