3 Must-Know Facts About For-Profit Colleges, Student Debt

Career College Central Summary:

  • But bad press aside, for-profit colleges have become increasingly popular?.
  • They account for 42 percent of postsecondary enrollment growth in the past decade, according to a study from the National Bureau of Economic Research, offering everything from nursing certificates to bachelor's degrees to primarily low-income and minority students.
  • One one hand, for-profits appear to provide a chance at college? for students who wouldn't otherwise get a degree.
  • On the other, they can look like predatory debt mills that favor a corporate bottom line over students' success. ?
  • Here's what you should know about for-profit colleges and student debt.
  • 1. For-profits are expensive. ?Tuition and fees at for-profit colleges averaged $15,130 in the 2013-2014 academic year, according to the College Board's Trends in College Pricing.
  • 2. For-profit graduates struggle to find employment. Studies suggest that applicants who list for-profit college credentials on their resumes don't get ?called back by potential employers as frequently as graduates who hold other kinds of degrees?.
  • 3. For-profit borrowers default at higher rates. The likelihood of a student defaulting at a for-profit college is nearly four times higher than at a community college and more than three times higher than at a four-year public or nonprofit college, according to a news release from the Institute for College Access & Success.
  • But despite the worrying debt statistics, succeeding in a for-profit program is largely up to you, say experts.

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US NEWS AND WORLD REPORT

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