Phoenix Business Journal: Former Grand Canyon University investor: No future in for-profit education

Career College Central Summary:

  • Michael Clifford, a long-time investor in for-profit education, said the closure of Corinthian Colleges Inc. (Nasdaq: COCO) is yet another example of the demise of the for-profit education industry.
  • "I do not believe there's any future in for-profit education anymore," he said.
  • Clifford was a pioneer in for-profit education, investing early on in Grand Canyon University (Nasdaq: LOPE). While he's no longer an investor in GCU or any other for-profit educational institution, he has good things to say about GCU.
  • "Grand Canyon is defying gravity because of Brian Mueller's leadership," Clifford said.
  • He said he sold all his stock and ownership interest in every for-profit educational institution and is now dedicated to helping Christian universities understand technology.
  • Clifford said it's a tragedy that the 12,000 or so Corinthian Colleges students were locked out of school today. But he said it's only the beginning.

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