Why For-Profit Post Secondary Education Companies May Bankrupt America
While I believe that tenure ought to be abolished and the cost of a college education is way too high these days, I cannot fault non-profit post secondary educational institutions for the job that they do educating students and preparing them for life. Most do a pretty good job despite the outrageous price tag.
Because of the recession and high unemployment, many displaced workers have chosen to “go back to school.” This has resulted in a booming business for many for-profit post secondary education companies. Because there are no perquisites at many of these schools, the main criterion for admission is the ability to pay tuition and fees. Not surprisingly, the quality of the education at many of these institutions is somewhat deficient and the attrition rates are exceedingly high. More egregiously, however, is the little known fact that much of the financial aid available to low income and minority college students is “eaten up” by for-profit education companies. And ironically, the tuition to earn certificate or associate degrees at these schools is 4-5 times higher than that required to earn comparable degrees at local community colleges.
Admittedly, I don’t think near enough about for-profit secondary education companies and their impact on students. However, my eyes were recently opened, after reading an article entitled “Degrees of Debt" by Jeremy Dehn; a journeyman adjunct instructor who works at both non-profit and for profit post secondary education institutions. Because he works at both non- and for-profit institutions he is in a unique position to compare the two educational experiences. This is a MUST READ article.
The notion that education can be accurately and adequately delivered based on the free enterprise system and unbridled capitalism is bogus. While non-profit education institutions leave a lot to be desired, relying for-profit companies (and prevailing market trends) to educate Americans is certain to continue to diminish American competitiveness on the world stage.
Until next time...
Good Luck and Good Job Hunting!!!!!
I have refrained from commenting on healthcare reform until now because there wasn’t much I could add to the debate. That said, while reading an article in a local paper on bacterial antibiotic resistance and how to minimize it, the author—an infectious disease doc—offered a telling statistic that identified the root problem with our current healthcare system. According to the article, 65% of the time, physicians will prescribe antibiotics to patients suffering from upper respiratory tract infections who demand them, whether or not they are warranted. In marked contrast, 12% of patients with upper respiratory tract infections who don’t ask for antibiotics receive antibiotic prescriptions. The bottom line: physicians give patients the drugs and treatment they demand because they are afraid of losing them as customers knowing full well the patients will go to another physician who will give them what they want! After all, physicians are in business and to stay in business they need to make enough money to cover their overhead and make a profit. However, over prescribing antibiotics is one of the main reasons why we are in the midst of an epidemic of infections caused by multiple drug resistant bacteria. In my opinion, business outcomes should never supersede or trump medical or public health outcomes.