Obama’s Crackdown on For-Profit Colleges Will Reduce Educational Opportunities
Career College Central Summary:
Newt Gingrich Opinion: One of the best ways to predict the effect of a proposal for more bureaucracy in Washington is to consider the name its proponents give it. Usually, the actual results of their program will be the exact opposite of whatever its title implies. The “Affordable Care Act,” for instance, increased premiums by an average of 49 percent. The “American Recovery and Reinvestment Act” wasted half a trillion dollars and certainly didn’t produce a recovery.
Now we have a new Orwellian euphemism to add to the list: the 841 page “gainful employment” regulation, which will kill jobs and destroy opportunities for working adults to advance in their careers.With the gainful employment regulation, the Department of Education would disqualify any program offered by a for-profit college from accepting student loans if its graduates, on average, have monthly student loan payments in excess of 8 percent of their monthly income. The regulation also sets a threshold on the percentage of students who can default on their loans.
While the regulation would also apply to certificate programs offered by non-profit institutions, it would apply to all programs – from certificate through doctoral – offered by for-profit schools.
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THE DAILY CALLER