California bans ITT tech from accepting new students

Post by duncan_bayne » Tue, Aug 30, 2016, 10:03 AM UTC

colechristensen wrote: post #171

duncan_bayne wrote: post #157

Earlier quoted context omitted.

Educate me ;) Seriously, I'd be interested to know what you see the difference is.

Almost all universities public and private in the US are 501(3)(c) nonprofit organizations. (Some public ones are more or less an extension of the government and don't count) For-profit universities ... aren't. They're owned and operated by for-profit companies, the accreditation is usually terrible and in no way comparable to other universities, and they deceive students into thinking they'll be getting something si…

Post by eru » Tue, Aug 30, 2016, 10:21 AM UTC

semi-extrinsic wrote: post #163

fennecfoxen wrote: post #141

Earlier quoted context omitted.

This is in part because the federal government has decided that student loans from private banks were too expensive and so the government themselves should offer them cheaper, for great justice. As such, the private student-loan sector in the US is no longer a going concern, and no student loans accurately price risk - a neat little wealth transfer to buy votes from students. It's also a scary credit bubble; apparent…

Can you point out a country where a private student-loan sector is working well? One thing the government does that the private sector won't is prioritise the needs of society over financial results. Say, for instance, that "teachers" and "nurses" were underperforming groups of student-loan takers. Private sector would say "OK, stricter controls on student-loans for those!" Meanwhile the government would say "OK, but…

Post by douche » Tue, Aug 30, 2016, 10:43 AM UTC

duncan_bayne wrote: post #181

colechristensen wrote: post #171

Earlier quoted context omitted.

Almost all universities public and private in the US are 501(3)(c) nonprofit organizations. (Some public ones are more or less an extension of the government and don't count) For-profit universities ... aren't. They're owned and operated by for-profit companies, the accreditation is usually terrible and in no way comparable to other universities, and they deceive students into thinking they'll be getting something si…

So, this seems to me like a problem that is almost perfectly amenable to market solutions. University has poor standards? Don't hire their graduates, or at least, don't weight their qualifications as heavily. I don't understand why you think Government action - that is, force - is necessary here. Or is it that you think they are defrauding their students by calling themselves Universities?

Post by [deleted] » Tue, Aug 30, 2016, 10:50 AM UTC

djsumdog wrote: post #125

headmelted wrote: post #119

Reading the comments here has been really eye opening to me. I always knew that tuition was orders-of-magnitude more expensive across the Atlantic but now it's a bit clearer why. Here (Northern Ireland, but it applies to the UK as a whole), students don't start to repay their loans until their earnings are over a certain threshold, then repayments are proportional to how much they earn over that level. If their annua…

New Zealand use to have free education. Then it became interest free ... unless you left the country. They bleed a lot of talent out to Australia, so if you move for more than 6 months they start charging you interest. It turned from being a good socialist system that helped everyone to being a forced means of talent retention. In the same way, American student loans are really aimed at keeping people trapped in indu…

Post by DanielBMarkham » Tue, Aug 30, 2016, 11:06 AM UTC

jmcgough wrote: post #59

crazy1van wrote: post #51

I agree with a lot of the complaints I've heard about ITT. They seem to broadly fall into three camps: 1) They are expensive and rely on their students getting gov't loans, 2) They don't adequately prepare students for the work place, and 3) The teachers aren't very good. I think those are all great reasons to not go to ITT. But, I think those reasons could also apply to a whole lot of other schools, profit, non-prof…

Yes, these are problems that are present for some other schools, but ITT Tech is far worse. For-profit schools aren't even in the same ballpark as other types of schools, in terms of the default rate. These are businesses where the "admissions counselors" are salespeople who are told to lie to people and strongarm them into attending, taking out massive government loans and effectively stealing money from the federal…