forprofit

British Nonprofit College Buys American For-Profit

Regent's College, a nonprofit British institution, has purchased for-profit American Intercontinental University London from the latter's owner, Career Education Corporation, Times Higher Education reported. The purchase is the first of its kind in Britain. Regent's will run American Intercontinental as a for-profit subsidiary initially but plans to subsume it within Regent's within a year.

 

International students complain about the quality of education at an unaccredited California institution

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An unaccredited California institution lacks approval by the state to operate, but is allowed to enroll international students -- some of whom say the education is seriously substandard.

 

Foxx criticizes private college leaders for not defending for-profit colleges

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Representative Virginia Foxx uses allusion to the Holocaust to criticize private college presidents for not defending for-profit institutions against regulations.

Judge Dismisses EEOC Suit Against Kaplan

A federal judge this week dismissed a lawsuit charging that Kaplan Higher Education discriminated against black job applicants by rejecting some people seeking employment because of their credit histories, The New York Times reported. The suit, brought by the U.S. Equal Employment Opportunity Commission, said that relying on credit histories has a disproportionate impact on black applicants. The suit was dismissed after the judge agreed to block testimony from an expert witness for the EEOC, finding that the way that witness identified which job applicants were black was not reliable.

 

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ITT Tech Expands Scholarships

ITT Technical Institute is the latest for-profit higher education provider to go big with scholarships. The institute's holding company announced in an earnings call on Thursday that it hopes to expand a pilot program to all of its campuses by the end of the year. Company officials said early returns showed that discounting tuition has had a positive impact on student enrollment. The scholarship reduces net tuition to $28,000 from $44,000, according to a written statement from Trace Urdan, an analyst with Wells Fargo Securities.

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World Bank affiliate invests $150 million in for-profit college provider

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The International Finance Corporation, a member of the World Bank Group, invests $150 million in Laureate Education, a for-profit higher ed provider.

Apollo Group Founder's Nice Retirement Package

The retirement package for John Sperling, the recently retired founder of the Apollo Group (parent company of the University of Phoenix) "likely won’t do the company any favors on the PR front," The Wall Street Journal reported. Sperling will receive $5 million in a "special retirement bonus," an annuity of $70,833.33 a month, ownership of two Apollo vehicles he used while he was chairman and "reasonable out-of-pocket” medical- and dental-care coverage.

Another For-Profit College Shifts to Nonprofit Status

Stevens-Henager College, which has multiple campuses in Idaho and Utah, has become the latest for-profit postsecondary institution to change its tax status: The Idaho Statesman reports that the institution became a nonprofit as of Jan. 1. The college's chief executive, Eric Juhlin, told the newspaper the change would allow the college to accept tax-deductible donations for its scholarship programs scholarship programs and accept donated equipment, among other things. Keiser University changed its tax status in 2011.

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Rasmussen Cuts Tuition by 12 Percent

Rasmussen College, a midsized for-profit institution with roots in the Midwest, this week announced a tuition cut that averages 12 percent across the institution. Some students will see a 24 percent tuition reduction, the college said. Rasmussen is also locking in tuition rates for continuously enrolled students. The college has joined several other for-profits that are cutting their prices, freezing tuition rates and offering scholarships amid broad enrollment declines across the sector. Rasmussen said it was able to cut prices by having reduced overall operating expenses.

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University of Phoenix's Accreditation Review

The University of Phoenix expects to be placed "on notice" by its regional accreditor, the Higher Learning Commission of the North Central Association. The commission recently conducted a comprehensive review of the university, and an official with the Apollo Group, which owns Phoenix, told investors this week that the commission had said it would soon issue a report identifying "several areas of concern" that arose from the review. Placing the university on notice is less serious than probation. Phoenix would have up to two years to correct issues that could affect its accreditation status.

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