[oh8eleven]

There is now over $1 trillion in student debt and $76 billion of that is in default.
And thanks to Øbama, who do they owe all that money to ..... the GUBMINT.

[rockinqsranch]

I vaguely recall an article several years ago about the ownership of one of those for profit schools being associated by ownership with the Washington Post newspaper.

Seems IIRC the article stated to the effect that the owners of the school were carrying the newspaper which was a money pit with the tremendous profits from the school, and most of that was from funding by the government backed loans, but I can’t remember which school, nor who the owners were.

[firebrand]

There was a good piece in the Village Voice about the nefarious practices of for-profit online colleges, especially in regard to student loans. I’ll try to find it later.

[GeronL]

U of P is a slave master alright, but I have noticed Kaplan on the list. Kaplan and the leftist Washington Post need each other. heh.

[agere_contra]

Did the students have guns to their heads when they signed those loan agreements?

[GeronL]

The NY Times writers usually think that debt is good for the economy, there was an article just last night.

[varyouga]

I see those “cool” commercials for such diploma mills practically non-stop nowadays.

They entice desperate, broke people into taking out loans for worthless degrees.

Then the people end up exactly where they started but this time with loads of non-dissmissable debt for LIFE that can be garnished from their wages. I have even heard of SWAT teams being used for student loan issues.

It is truly slavery by another name...

[LS]

I was told that the U. of PHX and some of the other main for-profit educational groups are all headed by big libs. Major Obama donors!

[Uncle Chip]

University of Phoenix -- 35,000 student defaults.

I knew someone who registered there and after a month cancelled because they changed the terms of the tuition and loan in a surreptitious way.

Why are they still in business with defaults like that???

[St_Thomas_Aquinas]

I have a dream that someday, all people, of every race creed and color, will go to college.

And then, all people will realize that they flushed $100k down the toilet.

And the, maybe, just maybe, we’ll get over this college thing.

[PapaBear3625]

If student loans were privately issued and discharged in bankruptcy, the high-default schools would be shunned by the loan issuers (as they should be).

These places should be made to originate their own loans, and eat the loss if they admit people who cannot get a job with their degree.

[gotribe]

Those numbers are worthless. You need to look at percent of total loans in default, not raw numbers.

Last time I checked, University of Phoenix had an enrollment of 400,000, so I wonder how many total loans they have out there. Not surprised they have 32,000 loans in default in raw numbers, given their high enrollment.

[informavoracious]

Most on that list are vocational "colleges." They entice the gullible and not so smart by convincing them that a cheesy "degree" is their ticket to the good life. I once hired someone from one of the technical colleges to do software engineering. He had a "B.S." in IT and was on the "Dean's List." He turned out to be functionally illiterate. But he had high self-esteem because of a "4.0 GPA." He gave me a hard time when his performance ratings matched his actual performance. I later found that these places give EVERYONE a 4.0 and a place on the Dean's List because it looks impressive on a resume, even if it doesn't indicate anything in real life.

I am sure there are competent people who graduate from these diploma factories and do well, but it's a ripe environment for taking advantage of the dumb and naive.

[Onelifetogive]

I’m not defending U of Phoenix, but an absolute number of defaults is a meaningless stat. A percentage default rate would actually make sense.

[Mr. Jeeves]

Most of the time to a hiring manager, University of Phoenix = Resume in Circular File.

[Dan Cooper]

Blame Congress for making student loans non-dischargeable. This is causing a new bubble. Many “students” are taking out loans for living expenses etc. and not bothering to attend classes or do the minimum amount of work to keep the financial aid coming. This is obviously a setup for another bailout of the financial institutions that make these loans.

[veracious]

The question of interest, would be why, UofP? and therefore, _who_ at UofP. Ie., are these students illegal immigrants?

[riri]

I have a friend who work in HR, she says University of Phoenix resumes are the first to get shredded.

[firebrand]

Here is the Village Voice article. Read and weep.