The reason there were so many hobos in your shitty "for-profit" University
A hilarious news report I saw on Bloomberg news this morning:
Essentially, someone has been convincing homeless people (or other students with a "high likelihood of defaulting") to take out heavily subsidized student loans to try to get shitty degrees from for-profit "universities" like DeVry and the University of Phoenix.
Additionally, the hedgies have persuaded community groups to become outraged that these colleges have been profiting from hobos, in order to have said community groups demand regulation. Said regulation would somehow cause all the hobos to default on their loans, forcing stocks like NYSE:DV to plummet.
For some reason, hedgies have conveniently been shorting these publicly-traded universities...
BTW, one of you new users should make this image your WSO avatar.
Yeah, I read that also. Good for them. Many reputable schools have online offerings and most everyone is close to a community college if they want to start a college education. These for profit schools are a scam and are taking advantage of people who are genuinely looking to re educate themselves.
Another little tid bit. What these places will do is buy a tiny college that is accredited in order to get there whole program accredited. Such a scam.
You read Eisman's thesis?
I hate DeVry and Phoenix. I'm down with Everest
I'll take it. We need a hobo on this site.
Nice!
Thanks for mentioning that. I actually had not read it. I knew about the buying accreditation part from one of my professors with whom I was having this very discussion. I just read the speech you were referring to and I totally agree and it makes me sick. These people are being scammed plain and simple and government money is being pissed away.
I will never understand why people go for these online degrees. No one respects them and most reputable universities have online offerings. Colleges also offer night classes.
With people actually going to school there that are to dumb to know better it makes all the sense in the world. Someone who isn't smart enough to understand a traditional education path or even a nontraditional path ie: enrolling in night school or getting a GED, really wouldn't understand how to make large education decisions. And in an society where consumerism is such a big part in our lives it makes sense to see that the easy decision is the guy standing on the corner offering a better life with flashy signs and cool TV commercials.
Side topic:
At a family affair last month, I explained to my mother-in-law that I will soon apply for an MBA at MIT, Columbia, Wharton and a few other schools. She said I should just get my MBA online at U-Phoenix. I didn’t bother to argue.
Yeah, a lot of times I usually avoid the education topic. I have friends and people I know who have zero clue. Not worth the air in my lungs to explain things over and over again.
I don't really care if people rack up credit card debt for these fake schools. My issue is the fact that these scams are set up to take advantage of student loan funds. Those funds can never be forgiven or discharged through bankruptcy which is unfortunate in these peoples cases.
honestly what diff is there between u of P and any school outside of say top 25? aside from other students and partying
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