As a parent who has taken a break from the workforce, I’ve contemplated returning to school. However, the question remains: Where should I go, and for what? The advertisements for the University of Phoenix, showcasing vibrant young individuals engaged in dynamic activities at their computers, are certainly enticing. I have a passion for education; if given the chance, I’d remain a student forever. Yet, the choice of institution could significantly impact our long-term financial well-being.
For-profit colleges, like the University of Phoenix, present a concerning landscape characterized by rising debt and high unemployment rates. A recent report by the Brookings Institution highlights alarming trends in student loans linked to for-profit institutions. Researchers Adam Looney from the U.S. Treasury and Constantine Yannelis from Stanford University reveal that over the past 15 years, loans taken out for for-profit college attendance have surged significantly.
As reported by June Baxter in The Atlantic, the number of for-profit institutions among the top 25 colleges with the highest student loan debt soared from one in 2000 to 13 by 2014, with the University of Phoenix leading the pack. The total debt owed by students at for-profit colleges skyrocketed from $39 billion in 2000 to $229 billion in 2014, primarily due to increased borrowing rather than enrollment growth.
The statistics are sobering. Students attending for-profit and community colleges face default rates that are far higher than their peers at traditional four-year institutions. Baxter notes that among students who began repaying their federal loans in 2011, only 8 percent from four-year colleges defaulted within two years, while that figure was nearly three times higher for those attending non-traditional colleges.
Several factors contribute to this disparity. For instance, for-profit colleges sometimes misrepresent the transferability of their credits, forcing students to incur additional costs for extra courses. Additionally, these institutions often do not permit students to take breaks, limiting their ability to work and save. Furthermore, graduation rates are troubling; only 49 percent of students at for-profit schools earn their degrees compared to 70 percent at four-year public or private universities.
Another concern is the potential inflation of job-placement statistics by for-profit colleges, which can mislead graduates about their employment prospects. According to Olivia Grant from Vox, unemployment rates for students who borrowed to attend for-profit colleges reached as high as 21 percent, with those graduates earning an average annual income of just under $21,000.
If a for-profit institution ceases operations before a student completes their degree, the unfortunate reality is that the student is left with significant debt and no qualification to show for their efforts.
The silver lining is that college enrollment tends to increase during economic downturns, suggesting that as the economy improves, default rates may decline. For my own educational pursuits, I plan to take a few classes periodically. However, as my children approach their college search, the message is clear: prioritize four-year schools and resist the allure of for-profit colleges.
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In summary, for-profit colleges pose significant risks concerning student debt and job placement. Families should focus on traditional four-year institutions to secure a better financial future for their children.
Keyphrase: Avoid For-Profit Colleges
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