In a recent report, Subprime Opportunity: The Unfulfilled Promise of For-Profit Colleges and Universities the University of Phoenix didn’t fare too well when it came to graduating students. According to the report, only 9% of student enrolled actually graduated within six years.
University of Phoenix, DeVry University, The Art institute, Berkeley College, Sullivan University, Westwood College, International Academy of Design and Technology, School of Visual Arts, The Illinois institute of Art, and ITT Technical Institute were all named in the study.
If there is one thing that the for- profits can virtually guarantee their students, it’s years and years of student loan debt.
The study shows a fact I’ve seen over and over again from readers. Going to a for-profit college is very expensive and leaves you probably without a degree and saddled in debt.
Among students who earn bachelor’s degrees, the median debt at graduation for students at for-profits is $31,190, compared with $7,960 at public and $17,040 at private nonprofit institutions. Indeed, 19 percent of associate’s degree students and 3 percent of certificate completers at for-profits have debt loads greater than $30,000, compared with only 2 percent and 1 percent of students in these programs, respectively, at public institutions. On the other end of the scale, only 4 percent of bachelor’s degree recipients at for-profits graduate debt-free, compared with 38 percent and 28 percent at public and private nonprofit institutions.