Friday, December 3, 2010

For-profit colleges, low graduation rates and high student debt

Only one in five students who enrolls in a for-profit college graduates within six years, and they’re likely to rack up far more debt than students at private and public colleges, according to a recent study.
For-profit colleges — such as the University of Phoenix, DeVry University and ITT Tech — have proliferated in the last decade, with total enrollment growing 10 times faster than at all other colleges and universities, according to a report released last week by the Education Trust.
Just 22 percent of students who enroll in bachelor’s degree programs at these colleges, however, graduate within six years, compared to rates of 55 and 65 percent, respectively, at public and private institutions, the study found.
"There’s no escaping the numbers," said Jose Cruz, a vice president for the Education Trust, a nonprofit in Washington, D.C. "They’re very successful in recruiting students, but not nearly as successful in graduating them."
Moreover, the median debt load for graduates at for-profit colleges is $31,190 — nearly twice the amount at private colleges, and four times the amount at public colleges.....

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