Sunday, March 22, 2015
HOW TO CLOSE PHONEY ONLINE UNIVERSITIES
JUST HAD AN IDEA THAT MIGHT LIMIT THE DAMAGE OF THESE PHONEY ONLINE COLLEGES (pardon shouting, but I think it's justified):
Only allow government guaranteed loans (and the accompanying you-can-never-get-out-of-paying) IF a built for that purpose government agency APPROVES said loan.
The threshold step should be to allow bankruptcies. This is not costless and clearly limits "moral hazard." Think of it as amnesty -- we goofed and went in the wrong direction (in more ways than one -- don't forget exponentially rising tuition, and for profit pirates) -- time to reverse what's looking more and more like irreparable harm to the newest generation.
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Jeff Bezos bought the Washington Post.
According to an article in the Huffington Post At Kaplan University, ‘Guerrilla Registration’ Leaves Students Deep In Debt, Kaplan Ed is among the worst of the worst of internet federal loan and grant sucking diploma mills. Going so far as to falsely pad bills $5000 or so dollars at diploma time — pay up immediately or you will never get your sheepskin; you wasted your time. No gov agency will act.
According to a lovely graph which I wish I could patch in here the Post may actually be currently be kept afloat only by purloined cash from Kaplan:
earnings before corporate overhead
2002 — Kaplan ed, $10 mil; Kaplan test prep, $45 mil: WaPo, $100 mil
2005 — Kaplan ed, $55 mil; Kaplan test prep, $100 mil; WaPo, $105 mil
2009 — Kaplan ed, $255 mil; Kaplan test prep, $5 mil; WaPo negative $175 mil
http://www.huffingtonpost.com/2010/12/22/kaplan-university-guerilla-registration_n_799741.html
Wonder if billionaire Bezos will reach out to make Kaplan Ed victims whole. Will he really continue to use Kaplan’s pirated money to keep WaPo whole -- if that is what is going on?
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