forprofit

90% Drop Out of California's Unaccredited Law Schools

Nine in 10 students in California's unaccredited law schools drop out, The Los Angeles Times reported. California is among the few states with many unaccredited law schools, in large part because the state is unusual in allowing graduates of unaccredited institutions to sit for the bar. Most but not all of the unaccredited colleges are forprofit.

 

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Kaplan CEO Steps Down

Kaplan's CEO, Thomas C. Leppert, will step down after two years on the job, the for-profit higher education company said on Thursday. Leppert will be replaced by Andrew S. Rosen, the executive vice president of Graham Holdings Company, which owns Kaplan. Rosen, a veteran at the company, is also Kaplan's chairman.

Kaplan has diversified in recent years, and does a substantial amount of business with nonprofit higher education. Like several other large for-profit chains, the company has reduced its campus footprint amid the sector's declining enrollments. In February it sold 38 Kaplan College campuses to Education Corporation of America, a privately held for-profit.

Number of for-profit colleges declines as enrollments wither

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Almost 100 fewer for-profit colleges operated in 2014-15 than in 2012-13, according to federal data.

Feds mull experiment on aid and accreditation for alternative providers

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Education Department moves closer to experimenting with federal aid and accreditation for alternative providers like boot camps and MOOCs, while White House books meeting on expanding space.

Corinthian Colleges Donated $27,000 to Boost Rubio

The defunct Corinthian Colleges, a controversial for-profit chain, donated $27,600 in contributions over five years to various political operations related to U.S. Senator Marco Rubio, a Florida Republican and presidential hopeful, Bloomberg reported. The article said $15,000 of the donations went to Rubio's Reclaim America PAC. Corinthian also gave money to Rubio when he was running for the Senate.

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For-profit association's challenges and changes mirror that of sector

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Big changes for APSCU, the for-profit trade group, which has lost most of its large-chain members and plans to focus again on career education.

Feds Halt Collections on Corinthian Students in Default

The U.S. Department of Education will halt collections on student loans for roughly 40,000 former Corinthian students who are in default, Reuters reported. A group of former Corinthian students has asked a federal bankruptcy court judge to temporarily suspend debt payments for up to 350,000 students who attended the collapsed for-profit chain during the last five years. A lawyer for the group last week told Reuters that the department would not collect on defaulted loans for 120 days. During that time the lawyer said he hopes to negotiate debt relief for all former Corinthian students.

Bob Shireman's New Perch to Work on Education Issues

Robert Shireman, who founded the Institute for College Access and Success and engineered the Obama administration's overhaul of student loan programs and increased regulation of for-profit colleges, has found a new home from which to work on higher education issues. The Century Foundation, which has focused its work on higher education on issues related to college access for low-income students, announced Friday that Shireman will become a senior fellow there as Century expands its education and labor policy teams.

Shireman has had a hand in most of the major higher education policy issues of the last decade, through work in Congress (as an aide to the late Senator Paul Simon of Illinois), the White House (as a member of President Clinton's National Economic Council), in the foundation and think tank world (at the Aspen Institute and at TICAS and its Project on Student Debt), and then as deputy under secretary of education in President Obama's first term. More recently, he has worked on college access, funding and community college issues at California Competes, a nonprofit group.

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Accreditor Removes U of Phoenix from 'Notice' Sanction

The Higher Learning Commission removed the University of Phoenix from "on notice" status effective June 25, according to corporate filings published Thursday. The status is a sanction that indicates the institution is moving in a direction that could place it out of compliance with the accreditor's requirements.

Phoenix was placed on notice in July 2013 for a two-year period after the HLC, a regional accreditor, reaffirmed the university through the 2022-2023 academic year.

In a statement to Phoenix staff and faculty, President Tim Slottow and Provost Meredith Curley wrote: "We are appreciative of the work done by the HLC staff and the independent peer review team made up of professionals in higher education and their recognition of the efforts undertaken by everyone at University of Phoenix to satisfactorily resolve all concerns identified in 2013. But our work in this area is never done. We will host a comprehensive visit again in 2016-17 where we intend to demonstrate the university's further progress and continued compliance with all of the criteria for accreditation."

Moody's Downgrades Laureate Education

Moody's Investors Service has downgraded the credit rating of Laureate Education, a for-profit chain with a large global footprint. The credit ratings agency also downgraded Laureate last year. In both cases it cited the company's expansion, which has contributed to debt levels. Laureate now enrolls more than one million students at 80 campus-based and online institutions.

"Laureate's aggressive growth has created persistently high leverage and has strained the company's liquidity," said David Berge, a Moody's analyst, in a written statement.

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