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    6 years ago by @prophe
     
      for-profitgainful_employmentUSAEnglishJan2017risk
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      6 years ago by @prophe
       
        for-profitEnglishgainful_employmentUSAJan2017
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        6 years ago by @prophe
         
          gainful_employmentJan2017Department_of_EducationEnglishUSAvocational_programs
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          6 years ago by @prophe
           
            Nov2016USAfor-profitgainful_employmentEnglish
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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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              The Trump administration has taken its first shot at rules designed to protect students from expensive, low-quality colleges and career training programs. Less than a month after Betsy DeVos was sworn in as its top official, the U.S. Department of Education announced Monday evening that it would delay until July 1 an effort to crack down on career training programs that load students up with unpayable debt. The biggest winners: the more than 800 higher educational programs that claim to lead to “gainful employment” but flunked the department’s January excessive debt test—mostly for-profit art and cosmetology schools. These programs can now continue to recruit applicants (at least until July 1) without having to warn them about alumni’s oppressively high debt loads. The schools can also take this extra time to seek data showing that their graduates’ student loan bills are actually below the official “excessive debt” cutoff. That means bills must be no more than 12% of the average student’s gross earnings, as reported to the Social Security Administration, and no more than 30% of their discretionary income. That means, for example, that students considering entering, say, the Art Institute of Pittsburgh’s two-year Associate’s program in graphic design won’t necessarily be warned that the typical graduate of the program has taken on about $40,000 in debt, but finds a job paying only about $22,000 a year. The monthly financial reality for such graduates is grim. Their before-tax monthly salary works out to about $1,900. The monthly payments on a standard 10-year student loan repayment plan top $400 – or more than 20% of their gross earnings. The department said it would use the extra time to “further review the [Gainful Employment] regulations and their implementation.” The action puts the brakes on one of many last-minute moves by the Obama administration. In January, the Department of Education issued an analysis of the earnings and student debt levels of more than 8,600 higher education programs that offer pr
              6 years ago by @prophe
               
                Department_of_EducationUSAgainful_employmentfor-profitdelayedDonald_TrumpObamaMar2017
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                The Trump administration just handed an olive branch to the battered industry. he Trump administration appears poised to undo one of its predecessor’s most ambitious attempts to rein in for-profit college rapacity. The Department of Education is delaying the so-called “gainful employment” rule, in place since 2015, the Wall Street Journal’s Josh Mitchell reports. Under the Obama-era rule, the Department of Education would shut off the financial-aid spigot for higher education institutions if their typical graduate reported spending more than 30 percent of after-tax cash or 12 percent of total income on student loan payments. In other words, if a college saddles too many of its students with debt and shabby job prospects — if graduating classes debt-to-income ratios don’t look good for a few consecutive years — it will be barred from receiving Stafford loans, Pell grants, and other forms of taxpayer funding for higher education. The more than 800 schools that the Department of Education threatened in January with sanctions under the rule—98 percent of which are for-profit institutions like Full Sail University and University of Phoenix — will now have until July 1st to hire independent auditors to investigate whether the government’s damning data on their students career outcomes is wrong or flawed. Since most for-profit colleges derive most of their revenue from students’ federal financial aid packages, thousands of the schools may have eventually had to close their doors without reconsideration by the Department. The extended timeline to appeal, and the department’s promise to review the rule, could be a lifeline for an industry that was facing an unprecedented crackdown via states attorneys general lawsuits and federal enforcement actions. But, as Pacific Standard reported in 2015, this wouldn’t be the first time the industry has bounced back from a regulatory beating. For-profit college parent companies stocks have surged since Donald Trump’s election in November. Now, shareholder faith looks like it could g
                6 years ago by @prophe
                 
                  for-profitUSADonald_TrumpDepartment_of_EducationMar2017gainful_employmentObama
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                  Senate Democrats want Education Secretary Betsy DeVos to explain why she’s delaying the implementation of an Obama-era rule aimed at ensuring career-training programs, specifically those at for-profit colleges, actually prepare students for good-paying jobs. In a letter to DeVos this week, Sens. Dick Durbin (Ill.), Patty Murray (Wash.) and Elizabeth Warren (Mass.) called the department’s gainful employment rule a critical protection for both students and taxpayers. On Jan. 9, the department released final debt-to-earning rates for career training programs required by the rule finalized under Obama in October 2014. Under the rule, the estimated annual loan payment of a typical graduate would have to be at or below 20 percent of his or her discretionary income or 8 percent of his or her total earnings to be considered a program that leads to gainful employment. Programs that exceed these levels would be at risk of losing their ability to participate in taxpayer-funded federal student aid programs. Late last week the department gave schools more time to appeal their ratings, which are generated using earnings data from the Social Security Administration and debt information from the department’s records and the school. Final appeals, originally due March 10, are now due July 1. But Democrats argue the rule was generous to begin with, giving schools three opportunities to appeal their rates. “According to a Department spokesperson, the delay was also due to ‘a question about whether schools can provide data to a third party,’” the senators wrote. “It is unclear how this question could not have been solved through follow-up guidance rather than a delay.” DeVos is also giving Gainful Employment Programs until July 1 to switch to a new format in meeting the requirement to disclose information about their programs, including graduation rates, tuition and fee amounts, typical student debt upon graduation and what a graduate is likely to earn. The senators asked DeVos how long
                  6 years ago by @prophe
                   
                    Mar2017EnglishUSADepartment_of_EducationDonald_TrumpObamadelayedgainful_employmentfor-profit
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                    A new report from the American Enterprise Institute argues that state and local funding of public colleges stacks the deck against for-profit institutions under the gainful-employment rule, an Obama administration regulation that measures the ability of graduates of vocational programs to repay their student loans. The rule covers nondegree programs at nonprofit colleges -- mostly community colleges -- and all for-profit programs. Roughly three-quarters of for-profit programs pass the rule, the report said, compared to a relatively small number of nonprofits that are covered under gainful employment. Direct public funding drives much of that disparity, according to the report's authors. "Higher tuition at for-profits means students take on more debt, while public institutions have the luxury of charging lower tuition due to their direct appropriations," the report said. "Therefore, even if a for-profit institution and a public institution have similar overall expenditures (costs) and graduate earnings (returns on investment), the for-profit institution will be more likely to fail the gainful-employment rule, since more of its costs are reflected in student debt." Congressional Republicans and the Trump administration have said they will seek to roll back gainful employment and other Obama-era regulations aimed at for-profits. But such nixing of the rules likely will take time. And this week the U.S. Education Department defended gainful employment in federal court.
                    6 years ago by @prophe
                     
                      for-profitDonald_Trumpgainful_employmentObamaDepartment_of_Educationprivate
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                      For-profit college investors bid up stock prices in anticipation of a lenient Trump administration. Were they wrong? For-profit colleges were supposed to thrive under a Trump administration staffed by officials known to be friendly to the industry. President Donald Trump and Republican allies in Congress had made broad promises either to revisit or to repeal federal rules governing the schools. That gave hope to for-profit colleges and their investors, driving up their stock prices. Meanwhile, consumer protection advocates worried about a resurgent for-profit college sector unburdened by Obama-era rules. A legal filing from last week suggests perhaps those assumptions were premature. In late March, the Trump administration offered a forceful defense of the so-called gainful employment rule, the 2015 regulation that threatens to shut off the spigot of normally free-flowing federal funds that sustain career programs if the typical graduate's annual loan payments exceed 20 percent of her discretionary income or 8 percent of total earnings. It also called on suspect career programs to warn prospective students if they risked running afoul of the guidelines. Colleges mostly opposed the rule. “The regulations are intended to protect students and taxpayers by providing warnings about programs with relatively high loan debt compared to the earnings their students could hope to achieve after graduating from those programs,” Justice Department attorneys wrote in their brief on behalf of Education Secretary Betsy DeVos. Students benefit from the warnings, Trump administration lawyers wrote, “because it could prevent them from taking on debt that they will not be able to repay, and they could more reasonably evaluate whether they would prefer to enroll in programs that have been more successful in enabling their students to find employment that would allow them to repay their loans.” Taxpayers would benefit, too, they wrote, because of the likely corresponding fall in defaults on federal student loans. “The public intere
                      6 years ago by @prophe
                       
                        for-profitdefendgainful_employmentUSADepartment_of_EducationDonald_TrumpObama
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