Kuwoobie wrote:
Apparently ITT, the predatory for-profit "college" shut down recently, blaming the federal gubbermint for not letting them prey on students dependent on financial aid.
It's interesting how we sometimes apply different standards based purely on the assumption that "for profit" means "greed", while "non profit" does not. The same practice of racking up tuition costs as student loans have become more easily available has been ubiquitous in the education industry for a couple decades now. It's not just for profits like ITT that do it.
It's usually the for profits that get shut down for doing it though. Meanwhile, the bulk of the tuition costs are being driven by the rank and file education industry which is protected by unions. The students are just as milked whether the extra cash goes into an endowment or the share price of stockholders. That's a distinction that really isn't relevant in this case.
That's not to say that ITT was a shining beacon of education or anything. Just commenting on the inconsistency with which we choose to assume that one is "preying" on students versus not. Public universities are just as much taking advantage of GSLs as anyone else.
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The shutdown will affect about 35,000 students who were preparing for the start of classes this month and cost more than 8,000 employees their jobs.
In other news, the people in charge of this decision are doing just fine, thanks.
I'm assuming you meant the overzealous regulators, right? I mean, the folks who ran ITT are out of a job, and the people who invested in it just lost a boatload of money. So they're not "fine" by any stretch of the imagination. The government regulator are fine though. Their jobs are secure.
