Five years ago ITT Educational Services had revenues of $1.5 billion and profits of $300 million. Of course, it was nothing but a scam diploma mill totally dependent upon Federal student loans. It’s stock traded for $77 per share. Yesterday the Feds said they would no longer fund federal loans to this diploma mill. It’s stock this morning is trading at 64 cents. And it’s gone!!!
Guess who will be picking up the tab for all the loans doled out to the brainless twits who enrolled at ITT during the reign of Obama? YOU!!!
I wonder who was writing articles about this diploma mill scam years ago? Who coulda knowed?
University of Phoenix is next.
http://www.theburningplatform.com/2012/06/01/seven-years-of-college-down-the-drain/
http://www.theburningplatform.com/2012/10/21/dysfunctional-dishonest-insane-intolerable/
http://www.theburningplatform.com/2013/02/06/all-is-well-3/
http://www.theburningplatform.com/2015/03/01/breaking-bad-debt-episode-three/
http://www.theburningplatform.com/2016/03/19/the-great-student-loan-scam/
In an amusing “Maggie” style aside comment, I knew several people in the USAF who got their degrees via University of Phoenix, Maryland, SUNY DISTANCED (what I thought of as correspondence lessons) programs offered through the on-base education offices at all military bases pretty much worldwide.
As a matter of fact, I know several folks who got their degrees and became fairly high-ranking officers and/or senior enlisted positions in the service. A five-page report about the Civil War got my ex-husband 3 credit hours in American History. And I practically WROTE it. I know he was an idiot and he was a high-level chief. But, in the early 80s, going into the military was a fairly attractive option to young people without any idea of what to do in the wake of Carter’s destruction on the U.S. economy. So, we ended up sitting next to one another in a class in tech school learning how to count in binary and octal and I was dumb enough to marry him for a while. I smartened up.
I heard about things he did in the service which indicated he did NOT.
Those are the kind of folks in the service who have made all these decisions this past decade.
Skip the bitter ex-wife routine and stick to bunny murders.
You only make yourself look bad.
You failed as a wife, we get it.
Get over it and don’t fuck up again.
Saw that coming! 60 Minutes did an expose’ on that scam years ago. Sign up any one who is breathing and get them a student loan and then let them flounder.
The problem was that so many of the students weren’t college material and would have better spent their time in Community Colleges studying a trade.
I know all about……and, it’s gone.
Stay out of the rigged casino, it’s just that simple.
I will consider my husband’s and my greatest achievement as parents having been to require our son to pay for one full year of school with no help from us that first year. Having taught him to work hard and do the necessary things up front enabled us to provide him a debt-free education that at least won’t bleed him dry at the beginning of his adult life.
If nothing else, we done that.
Electronic monotone voice…… “Buy the dip you f@#$ing idiot!!”
Obama upon taking office ramped up student loans to.
A. mask the real unemployment rate.
B. Put money into the economy.
C. Pay back academia for their campaign contributions.
Now, on his way out of office, he will do all he can to forgive or cancel as much of that debt as possible-especially for the for profit ‘academies’ that catered to low IQ minority students.
I don’t know if ITT was any good or not. Even if good it admitted anyone who could pay which is fine if you are using your own money. It is not fine if you are using taxpayer money.
Going forward not one penny of student loans should be underwritten by the government ( taxpayer) unless the receiving institution is willing to co-sign the loan. In the case of ‘for profit’ schools, in addition to co-signing a student’s loan application, the ‘school’ should also post a bond guaranteeing repayment should the student default.
It also makes no sense for students at schools with large endowments to have to apply for Federally backed loans. Let Harvard, Yale, Princeton, Stanford etc loan tuition money if they think their applicants are such credit worthy prospects. Bet admission counselors would guide their ‘geniuses’ to undertake majors that pay well if they were on the hook for the tuition.
Finally, I went to buy a TV a couple of days ago. H H Gregg was sold out of the ones advertised that I was interested in. I was surprised that the demand was so high even though there was a sale. The manager told me it was ‘back to school’ and students were buying 48″ Samsungs and Vizios to take to college with them!!! Who in the hell needs a 48″ TV in a dorm room and is this what those student loans are being used for?
“It also makes no sense for students at schools with large endowments to have to apply for Federally backed loans. Let Harvard, Yale, Princeton, Stanford etc loan tuition money if they think their applicants are such credit worthy prospects. Bet admission counselors would guide their ‘geniuses’ to undertake majors that pay well if they were on the hook for the tuition.”
Excellent idea there unit. Let these universities put a little skin in the game for change. Of course knowing how greedy humans can be, it won’t be long before this leads to another scam of some kind. If it can be corrupted, we WILL find a way!
Oh I’ve had the pleasure of working with an ITT graduate before. Basically did grunt work of drawing construction drawings. Not glamorous but beats Starbucks. In the design industry its the lowest rung but you can make decent money if you’re good, i.e. uber efficient.
No ill will towards ITT in general, the world needs drafters, or at least I do. They can’t call themselves Architect’s as that requires a real degree and a long process of exams which is far more rigorous, expensive and time consuming than some classes on how to run drafting software. Additionally nobody from ITT is seriously considered a designer, but it’s a generic term and drawing a stock Pulte home may be considered “design” to someone.
They are degrees for people that aren’t motivated and don’t have a dream. Becoming an Architect is a commitment, becoming an Engineer is a commitment, drafting is an, “aww fuck, I need a job and don’t want to work fast food. Hey, ITT says I can work in an office after taking 6 months of software training, bingo!” As a bonus, if you stick with it long enough you might be able to fool someone at a cocktail party into thinking you really are something you aren’t.
Sometime back in the 1970s, universities realized that they could make a lot of money by selling people the illusion that they had been educated. The beauty of this is that since only the illusion is being sold, there is no need to only accept the bright students. Suddenly, anyone could be accepted! Once college became open to all, the politicians realized that they could get a lot of votes by creating a new category of bread and circus, one designed specifically for students.
Hey don’t put down ITT.Stucky got his degree from that glorious school of future malcontents. Just look at him.He can’t sell his house so he plans his revenge.
They weren’t selling education, they were selling credentials. And for anyone not familiar with the ins and outs of goverment employment, that is the coin of the realm. Every academic credential you can rack up results in a pay raise, and subsequent boost to the gold plated pension. I have several friends who can say university of phoenix has been very very good to them. Disgusting.
Phoenix may be next, but what about Devry? Its gotta be on deck. They get something like 80% of their tuition payments from fedgov loans. If those disappear, they can’t stay in business. Thats game over. And if they have made this determination with ITT, its hard to see how Phoenix or Devry won’t suffer the same fate. They do pretty much the same thing.
This statement will no doubt piss some people on here off, but might as well get this ball rolling. None of these people are paying these loans back, so the fedgov has two choices: push them into default, or appear magnanimous and kind by forgiving the loans. They will choose the latter. If the wave of defaults in inevitable, might as well score some cheap political points with young voters. Not like its actually their money the pols are spending anyway. This will in turn cause the calls for general debt forgiveness to become screams, as those who borrowed money to go to schools such as state run universities will say that they are basically being punished for not getting scammed by these guys by having to pay the money back. Hopefully, this will start the long overdue collapse of higher ed in this country.
Skip the bitter ex-wife routine and stick to bunny murders.
You only make yourself look bad.
You failed as a wife, we get it.
Get over it and don’t fuck up again.
—— Beaner Boy
WOW! I thought you and Mags made up.
I guys those days of bliss are gone forever with your latest post. You fight dirty. Hitting below the belt. Sometimes I have no idea who you really are. Are you the bright articulate writer with a wicked sense of humor? Or, are you the cocksucker? You tell me.
I didn’t know what caused the coyote to bare his fangs, but I am a quick study, so I will avoid further interaction.
I would have expected the same courtesy from a civil acquaintance.
What are you talking about? She said I had hurt her for the last time. Even my ex GF was not that mean. Anyway, we were never friends, she called it a truce. She claimed she was being nice to me by saying I detract from the TBP vibe by my comments.
Am I a dick for not bending over and taking it like a man?
I’m neither of your descriptions, a bright articulate writer or a cocksucker. I’m a self-appointed asshole who chose to fuck with people when they aren’t clear in their wording. If they lack precision, they will get fucked with. Same goes for peeps who mean one thing and convey another. Maggie wanted to dish on her ex but managed to make herself look bad.
None of my opinions should be taken to mean anybody is a bad person, I like most folks here. If they take the time to write, I take the time to read them.
Carry on, people, your awesome!!!!
admin, University of Phoenix’ Eastern WA Campus went tits up in October 2012.
we are being looted…phony colleges and student loan scams are just another vehicle for looting. Gov underwrites any loan for anything,
and that is destroying/helping to destroy the finances of the FUSA.
Greedy nasty pols are insane and have no soul. The problem for many is they are in the eye of the storm and cannot actually see what is happening. Then, these folks see “news” on TV and are told
everything is fine and dandy. People would like to believe that.
Can people believe drug profits are supporting the banks? Can they believe gov is intentionally poisoning our children with
narcotics? The bankers scammed us big-time, and continue to do
so. Good luck with collecting a pension after a decade of zero%
interest rates. How will we cope with the tremendous damage
the greedy basterds have wrought? It will be a real nightmare.