The Education Trust, a nonprofit research and advocacy group, has released a report titled “Subprime Opportunity” that points to for-profits as providing “little more than crippling debt” (link here). Among the allegations:
- only 22 percent of the first-time, full-time bachelor’s degree students at for-profit colleges over all graduate within six years, compared with 55 percent at public institutions and 65 percent at private nonprofit colleges.
- only 9 percent of the first-time, full-time bachelor’s degree students at the University of Phoenix, the nation’s largest for-profit college, graduate within six years.
- Among Phoenix’s online students, only 5 percent graduated within six years, and at the campuses in Cleveland and Wichita, Kan., only 4 percent graduated within six years.
The report did find some good news for for-profit institutions when compared to pulic community colleges. The for-profits three-year graduation rate of 60 percent beats the 22 percent rate at community colleges.