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Molly Hensley-Clancy: The Industry That Was Crushed By The Obama Administration
When Barack Obama took office, America’s seven largest publicly traded college operators were worth a combined $51 billion, with more than 815,000 students enrolled at campuses spread across the country. The schools were flooded with with people seeking shelter from the recession, returning to school to pick up new skills. Almost eight years later, the industry has been decimated. The seven largest listed operators are worth just over $6 billion, and the most valuable company in the sector has spent the last two years desperately trying to become a non-profit. Two of the largest companies in 2009 are now bankrupt, and two more are in the process of being taken private. A withering war on for-profit schools by federal and state authorities, combined with an improving economy that made trade schools less lucrative, has left the industry a shadow of its former self. It could be one of the defining legacies of the Obama era.
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The administration’s more aggressive approach hit its stride in its final two years, as the Education Department honed and expanded its power. It pushed through a set of strict new rules late in 2014, and is preparing to pass another that could have even more far-reaching impact. Last month, one of its long-standing foes, the ITT Tech chain of for-profit colleges — valued at $4.6 billion in early 2009 — filed for bankruptcy after an Education Department ruling effectively ended its viability as a business. The Education Department has begun to turn the tables on for-profit schools by using their almost total dependence on government money as an avenue for regulatory power. It is seeking to make access to federal dollars conditional on schools changing their practices — for example, by requiring schools to eliminate mandatory arbitration clauses from their enrollment contracts, giving students the right to sue.
More here
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White House.gov
Great post!
Thank you for highlighting this important aspect of PBOs legacy.
Hellooooooo Almab! Congrats on First and good to see you🙂
Thanks NW, this is great news🙂
Hi GGail! Thanks. I am around every day, just not posting all the time. Twitter is seductive.
NW: THANK YOU thank you thank you for this post on education. Nothing is more important for our young people in their march to success.
From the article…
“The administration’s more aggressive approach hit its stride in its final two years, as the Education Department honed and expanded its power. It pushed through a set of strict new rules late in 2014, and is preparing to pass another that could have even more far-reaching impact. Last month, one of its long-standing foes, the ITT Tech chain of for-profit colleges — valued at $4.6 billion in early 2009 — filed for bankruptcy after an Education Department ruling effectively ended its viability as a business.
And this week, it officially signed the death warrant of the watchdog that gave its stamp of approval to some of the industry’s worst actors. That single bureaucratic decision could be among the most devastating to the for-profit college world. In shuttering the Accrediting Council for Independent Colleges and Schools, or ACICS, the government will send hundreds of schools scrambling to find a new accreditor. Those that fail to find one will face closure.
“This has the potential to be very serious,” said Trace Urdan, an analyst at Credit Suisse. Shutting ACICS, he said, will “cull the herd even more dramatically. I guarantee you there will be schools that won’t be able to find a new accreditor.”
ACICS had been dogging the department for years, offering its seal of approval to all but a few of the most controversial, troubled for-profit colleges — despite mounting accusations of fraud and abuse. Once they received its green light, they could tap into the virtually unlimited flow of federal student loans, with their billions in revenue only limited by how many students they could sign up.
As criticism mounted of the growing pile of student debt racked up at underperforming colleges, government officials said there was little they could do as long as the schools remained accredited. But this summer, when ACICS applied to have its mandate renewed, both the Education Department and an independent panel recommended taking the most severe action: shutting it down as quickly as possible.”
This article is great! Here in SoCal, we had these for-profit schools popping up all over the place, touting Nursing Assistant programs and then they would shut the doors, without notice, leaving the students wondering what happen to their education, they now have a loan and no classes and who can they complain to?
Well, the Obama Administration has a solution…
“The new regulation, which is not yet finalized, allows students to exert defense to repayment claims if they feel they were “misled” by their schools, a much broader allowance than the initial clause, which required actual lawbreaking. That interpretation surprised even some liberal observers by how hard it hit, particularly against for-profit schools.
And the regulation gives the Education Department significant and expanded powers, like the the authority to automatically discharge the loans of large groups of students in the face of evidence of widespread wrongdoing. It can also levy financial penalties against schools where many students claimed fraud.”
“Thanks Obama”
Thanks for this Nerdy.
So much good PBO and his administration has done. This is a big one. Education is the bedrock, and making it easy for our younger generation is so important. And getting bilked by these schools, my God. I almost got caught up in that web when I was desperate after losing my job in 2008 and was trying to go back to school to be more marketable.
It is awe-inspiring just watching PBO and all that he’s done these last eight years — especially with no help from the other side of the isle.
LOLz. Support Doug Applegate!
Ummm! OK, totally cracking up over here ….🙂
LOLOLOLzzzz!!!!
Meta, we will be seeing this mailer next to the definition of ‘hypocrisy” in future editions of the dictionary. How sweet it would be if this loathsome creep went down on November 8, never to rise again on the American political scene.
I mean, THE GALL of these people!!
Hahahahahaha, that’s damn funny.
I smell desperation
That’s gotta hurt, amirite?
Riiiight.
Sweet, ain’t it🙂
Nerdy, thank you for this information. It’s a very big deal that the Obama administration has stopped this reckless growth of for-profit “colleges” that were essentially overcharging students and giving them nothing in return. So many brilliant achievements of PBO’s presidency have gone unnoticed and unappreciated, but have had lasting, positive effects on human lives. We will be learning about them for years.
Second that! Thanks so much for this post NW! Bless!
This is priceless!
Sweet Schadenfreude
They are doing their thang down there in Georgia and I’m loving it!!!
These pictures make me so happy !!!
Yes. We. Can!
I am so sick of hearing about HRC’s emails, I wish she would on Wednesday, cite the amount of money spent by the Republicans in Congress and all the hearings to assess wrong doing. Nothing notable was found. If republicans in Congress couldn’t find anything then by all means, folks can have at it with the Wiki leaks documents that were most likely altered by the Russians and Assange. Good luck with that.
She should say that she already apologized for using a personal server and repeat that in hindsight, it was a poor choice and move on to the next topic. If they say well Trump says the media should bring it up daily..then she can say, well they are certainly welcome to do that but she has voters to meet and a case to make before Nov 8. and move on.
She’s done both of the things you have suggested already; they won’t give up.
Allright, Bey!
That’s so good of her to step up and speak out.
This is good. This is good.
4-1/2 waits in Gwinnett County, GA — a few people fainted from the heat…
“Some wait several hours as early voting begins in Georgia”
http://www.wsbtv.com/news/politics/early-voting-begins-across-state/458139151
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❤ it! I don't recall Nicole taking my parenting class, but obviously, she's one of my star pupils… LOL!
Love this mother!
Excepts from an interview on Anderson cooper tonight… Has Melania the vampire saying it was all billy bush fault and says he egged on my husband??,
I see… 👀
Alrighty then👎👎👌👌👌😖
Billy Bush could not make Donald J. Trump do or say anything he did not want to say. I guess Melania will blame Howard Stern for all the disgusting things Trump said on Stern’s show.
I was wondering what would set him off before this upcoming debate. This could be it!!!
I suppose the surrogates will try to explain what Melania meant.
Stepford wife or abused wife? She was pregnant with their son when this and some of the other alleged incidents took place. You know she was pushed to come out and defend him. Will his minions see her as so many saw Hillary for staying with Bill (who did not defend his actions when he finally admitted the truth)?
Since we know that Hillary is, and has always been, held to a different standard, I would say the answer to whether Melania will be seen the same — Of course not!!!
Wait for that “good?” at the very end. Ya gotta Love Him!
I can’t watch this enough!!
I heard it too Donna.
I love how he really enjoys having good fun. Oh what I would give to have a few minutes to just kick it with him and/or FLOTUS once they leave the WH.
Easily my favorite ad of the season!! LOVE IT!!
I keep rewatching it. Maybe we could just put it on each new thread so I don’t have to look for it in a previous thread. I agree best ad of the season.
Here is the US army version of anti missile system- it’s hypersonic-
https://www.army.mil/article/175024/groundbased_midcourse_defense_the_ultimate_smart_weapon
Does this mean they didn’t want to turn over the documents and file the forms they were required to file? Will they be asked to return the money that was donated?
From the link - why am I not surprised
“The Donald J. Trump Foundation also requested and was granted an extension for filing its financial paperwork in the state, The New York Times reported Monday.”
The bigoted obnoxious orange head will answer to nothing during this campaign. EVERYTHING Hillary does is under the microscope - everything asked she complies. Why is this excuse for a person allowed to ignore it all. I get so incensed. Please please may he lose yoooogely.
Just imagine if the Clinton Foundation did this - the media would be screaming from the rooftops - grrrrr
INORITE!? Perhaps he considers the video and assault accusations the least of his worries; that it’s a case of he said she said. It’s keeping the gullible media attention away from his pending charges and court trials. The Art of the Distraction.
This rapist should be in prison.
They’re coming for him. Just wait for it.
He and is step-cousin in Russia should be arrested and tried.
“his” step-cousin
ICYMI, Sec of Energy Ernest Moniz in conversation on Charlie Rose:
https://charlierose.com/videos/29332
Thank you Nerdy Wonka for highlighting this wonderful work by our POTUS!
I noticed this was posted on previous threads, but I just read the article (in three parts - but worth it) and I had to share in case some haven’t yet read it. It’s a “do not miss”!!
To the First Lady with Love:
http://www.nytimes.com/2016/10/17/t-magazine/michelle-obama-chimamanda-ngozi-adichie-gloria-steinem-letter.html?emc=eta1&_r=0
Also, want to remind TOD that PBO will be on the Late Show tonight:
Ooooh! Thanks for the heads up Meta!
Today and tomorrow are a bonanza of entertainment options!
A new Keepin’ it
A new Colbert with PBO
Cena di Stato alla Casa Bianca con Renzi🙂
Yay!
Ha ha… Italian newspapers are all bragging about how WaPo referred to Renzi as the “Justin Trudeau of Italy”🙂
Actor Roberto Benigni will be attending! Mario Batali is cooking. Can’t wait!
Personally, Renzi is a big admirer of PBO and gets the same flack and obstruction from both right and left in trying to make reforms and stimulate growth for Italy. Renzi has a big referendum vote coming up next month and I think PBO is giving him a boost by holding this state dinner for him and Italy a few weeks before the vote. As a dual citizen, I get to vote on some Italian elections. I hope I get a say on the referendum, although I haven’t received any voting materials from the consulate yet.
https://www.washingtonpost.com/lifestyle/style/meet-matteo-renzi-the-justin-trudeau-of-italy-and-the-obamas-final-state-dinner-honoree/2016/10/14/f69ba2b0-9227-11e6-9c52-0b10449e33c4_story.html
Great! Keep us posted about the referendum.
“The Swedish Academy says it has given up trying to reach Bob Dylan, days after it awarded him the Nobel prize in literature. “Right now we are doing nothing. I have called and sent emails to his closest collaborator and received very friendly replies. For now, that is certainly enough,” the academy’s permanent secretary, Sara Danius, told state radio SR on Monday. So far the American troubadour has responded with silence since he won the prize on Thursday…
…He gave a concert in Las Vegas that very night, but made no mention of the accolade. In what may have been a veiled allusion to his long-term reputation for what some have called perversity, and others an admirably dogged persistence in forging his own path, Dylan’s set ended with a cover of Frank Sinatra’s Why Try to Change Me Now. So – as a famous Dylan song may have put it to the Nobel committee – how does it feel? “I am not at all worried,” said Danius. “I think he will show up….continued”
I think he will eventually show up - he did show up for PBO at the White House!
Please TOD, we need to send a strong message to stores like Walmart.
They are selling mask (black man’s face) and calling it “Thug Life Mask with Bandana” for $12.99.
This profiling must stop.
Apparently they have removed this racist crap. It should not have been there in the first place.
https://www.inverse.com/article/22171-walmart-thug-life-mask-tupac-shakur-halloween
Nerdy, please don’t make me laugh!
LOL.
Elizabeth Warren and Bernie Sanders Campaign For Hillary Clinton in Denver, CO - 10/16/16.
Trump will campaign in Green Bay Monday night, but many Republicans won’t be glad to see him one day after he launched a Twitter tirade against Ryan, the speaker of the House and the pride of the Wisconsin GOP.
After several days of tough negotiations, Billy Bush is leaving NBC, effective immediately.
His exit is the result of the leaked 2005 “Access Hollywood” videotape showing Bush and Donald Trump making lewd and sexually aggressive remarks about women.
Bush, a brand new host of the “Today” show’s 9 a.m. hour, never returned to the show after the tape came out on October 7. He apologized for his conduct in a statement that day.
In a CNN interview scheduled to air at 8 p.m. ET, Melania Trump blamed her husband’s remarks on Bush, saying the television host had egged him on.
For the love of God, what’s wrong with these toddlers in the WHPC?
I hope it’s true.
Mmmmmmmmm
Its been such a crazy and busy fall for me, but ive been lurking and checking in when ive been able. Just want to say thank you to all for keeping the lights on in support of our president and his legacy.
I also loved the idea a few threads back of TOLD, the obama legacy diary!! Keep up the awesomness ya’all!
Broadway for Hillary: Watch live!
https://www.hillaryclinton.com/page/broadway-livestream/
The black woman tap dancer was incredible! I missed hearing her name but will look for her.
Every day I am more amazed at the idiocy of the Trump campaign. They send out Melania, half his age, to complain that it wasn’t Donny’s fault because Billy Bush “egged him on.” Is that supposed to impress anyone?
WHAT THE CREEPY ASS FLYING FUCK IS THIS???? Who volunteers to put their child in the hands of a sexual predator?
Not only women hate unwanted kisses, but kids do too. I even let my grandkids make the first advances in hugging or kissing me. It is surprising that an AA parent would let their child be a prop for Trump let alone support him.
Rigged. Man. Hate that. Well, no point for trumpers to vote. Yep. Just stay home and watch Apprentice. It’s all you got.
DT thought she was a protester and said to get her out of there….meanwhile, in Care and Compassion Land…
Again
http://www.thedailybeast.com/articles/2016/10/17/apprentice-staffer-claims-gary-busey-groped-her-and-then-donald-trump-laughed.html
do not be surprised when the demagogue’s campaign suddenly remembers that his wife is not an English-as-First-Language person & tries to use this as the excuse for whatever garbage she just told Anderson Cooper;
we have seen stupid, then there is sheer stupidity of that campaign
tired of them
New post.
https://theobamadiary.com/2016/10/17/extra-fiber-nutrient-bar-or-shriveled-tangerine/