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    Dive Brief: Career training programs will have until July 1 to appeal the U.S. Department of Education for reconsideration of compliance under current gainful employment and revenue reporting guidance enacted by the Obama administration, a signal that the Trump administration is holding to promises of massive deregulation in the federal education agency. The extended review period will allow schools the chance to prove they were unfairly assessed in previous years, under rules requiring that graduates' loan payments do not exceed 20% of their discretionary income or 8% of total earnings, metrics that many for-profit college advocates say was an unfair rule designed to disrupt for-profit impact in higher education. For-profit leaders applauded the extension, but opponents say the delays will allow more students to potentially be defrauded by predatory recruitment schemes and false information about postgraduate outcomes. Dive Insight: The extended review of the gainful employment policies will have impact throughout the higher education sector, as community colleges and schools which disproportionately serve poorer students will now have time to provide more context about graduation rates and employment outcomes which previously may not have been possible due to time constraints. Additionally, the extension signals the first sign of regulatory repeals for higher education, one of the only signature details of President Trump's higher education platform during the campaign season, and a recurring theme shared by Congressional higher education leaders. For most institutions, this is a positive sign towards reducing costs and manpower committed to compliance efforts, but for smaller institutions with missions to serve underrepresented populations, it may be a lifeline.
    6 years ago by @prophe
     
      Mar2017for-profitDepartment_of_EducationDonald_Trumpgainful_employmentdelayedEnglishObama
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      Many for-profit colleges are accused of broken promises, high prices and not preparing students for the workforce. The federal government has increased its regulation of them. It's sparking a big debate in Washington, and two of the main players are North Carolina politicians. The new chair of the U.S. House Committee on Education and the Workforce, U.S. Rep. Virginia Foxx (R-- N.C., District 5) already said the rules need to go. The way she sees it, the Obama administration "intentionally targeted and sought to dismantle career colleges and universities with unnecessary regulations." She praised for-profit schools, calling them "responsive higher learning institutions." Action 9 investigator Jason Stoogenke found her biggest donor is a for-profit college, Full Sail. Full Sail is based in Florida and focuses on entertainment and media, offering degrees up to master's. When Stoogenke asked Foxx whether that's a conflict of interest, she emailed, "When an individual or industry offers me their support, they're endorsing my views, not the other way around." On the other side, 18 attorneys general, including North Carolina's Josh Stein, are urging the federal government not to go easy on for-profit schools. They sent the federal government a letter, saying undoing the regulations would mean "open season" on students. "We're very concerned," he said. "They're preying on people's dreams." LETTER When students can't pay back debt, taxpayers get stuck with the bill. Some wonder how much debt students rack up at for-profit colleges. The Brookings Institution created a list of 25 colleges where students are the most in debt. More than half are for-profit schools. Charlotte School of Law, DeVry, ITT Tech, Brookstone and Kaplan have all had problems in recent years, either financial, legal, or both. "It's been really hard," Charlotte Law student Stefanie Quinde said. "I understand it's a business. But at end of day, the interest of the students, it's, it's a big priority." "I think the regulat
      6 years ago by @prophe
       
        Mar2017for-profitArizonadebateEnglish
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        The U.S. Department of Education this week released the annual update of its financial responsibility test scores for private colleges, which is based on data from 2014-15. The 187 institutions that have a failing score -- most of which are small and either private nonprofit or for-profit -- will lose access to federal financial aid without a provisional certification from the department. The department may also require colleges with low or failing scores to take out a letter of credit or be subject to a sanction called heightened cash monitoring. The test was designed to keep tabs on the fiscal stability of colleges, with an eye toward preventing financial aid from going to institutions that may shut down abruptly. For example, Dowling College, which shut down last year, has a failing score on the new list. However, many private college officials have for years criticized the department's methodology for the test. They say the scoring system fails to use generally accepted accounting practices, is backward looking and does not capture the complexity of a college budget. For example, a decline in a college endowment's investment value is counted as an operating loss. The department's Office of Inspector General recently agreed with some of that criticism, noting in an audit released last week that the test's methodology should be improved.
        6 years ago by @prophe
         
          Mar2017FinancialUSADepartment_of_EducationEnglish
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          According to the U.S. Department of Education, more than 750 higher education institutions closed last year, including for-profit schools. Among these closing schools are private nonprofit colleges no longer able to fill the gaps between revenue and expenses and sustain operations while debt remains unpaid. While very few of the higher education institutions closing each year are private nonprofit schools, the annual number has tripled since the recession and is anticipated to remain stable or increase further, according to a 2015 Moody’s report. Many of the schools most at risk have fewer than 500 students and are affiliated with religious denominations. When a college or university goes bankrupt, what happens to its endowment? Most financially troubled schools have modest endowments, and some of the funds within the endowments are restricted by their donors to specific “for good, forever” purposes rather than immediate general support like debt relief. For example, Art Rebrovick, restructuring officer for Virginia Intermont College, which closed in 2014, said, “The endowment was on the books for $4 million, but it had been leveraged and used for faculty salaries so many times that there was just literally no money there.” If there is money left, there can be a fight between creditors, or between successor institutions taking up the responsibility of educating students. When Chester College in New Hampshire closed, it designated New England College as the recipient of its residual assets. This practice follows state and IRS guidelines that direct dissolving 501(c)(3) nonprofit organizations to give remaining funds to other nonprofits with similar missions, services, clientele, etc. However, the New England Institute of Art challenged the decision because it said that it was taking 92 percent of Chester College’s students and that act should be supported by the college’s residual endowment. Ultimately, the New Hampshire courts decided that the funds would be split 60-40 between the two schools, with New England
          6 years ago by @prophe
           
            Mar2017non-profitendowmentclosureEnglish
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            A report released Thursday highlights the potential impact Gov. Andrew Cuomo's free public college tuition proposal could have on New York's independent and private colleges. The Commission on Independent Colleges & Universities in New York estimated that 54,079 fewer students would enroll in the state's private institutions if Cuomo's plan is adopted. The organization also estimates that 44,693 jobs would be lost due to the student reductions and communities would lose more than $224 million in tax revenue because of the ensuing job cuts. At private colleges in central New York, enrollment would decline by 4,067 students and 2,269 jobs would be cut. The surrounding communities would lose a projected $9.8 million in tax revenue, according to the study. Mary Beth Labate, a former State University of New York official who once served as Cuomo's budget director, is the president of the commission. She said the negative effects of the free tuition discussion are already being observed. "Words move markets," she said. "Enrollment is in jeopardy, capital projects have been put on hold and campuses are making plans for a series of layoffs in the coming months to close potential gaps." Abbey Fashouer, a spokeswoman for Cuomo, touted the state's support for private colleges — more than $2.4 billion in aid since 2011 — claimed that the independent institutions haven't agreed to cap "out-of-control tuition costs" at least than $500 a year for state support. "New York leads the nation in providing support to both low-income and private college students through our already robust $1 billion tuition assistance program and loan forgiveness initiatives," Fashouer said. "With private school tuition in New York averaging $34,000 a year compared to $6,400 at SUNY and CUNY — the numbers speak for themselves." Private college leaders have expressed concerns about Cuomo's proposal since it was first unveiled in January. The governor wants to provide free tuition at SUNY and City University of New York institutions for st
            6 years ago by @prophe
             
              Mar2017USAEnglishNew_York
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