![]() ![]() The recently revised 90-10 rule requires for-profits to draw at least 10 percent of their revenue from areas outside of Title IV financial assistance and military-education benefits. So in many consumers’ eyes, attending a nonprofit institution “provides some protection.”įor-profits also have an increasing amount of red tape to navigate, said Eddy Conroy, a senior adviser with the education-policy program at New America. With a for-profit, “you’re enrolling at a school where the less they spend on actually serving you, the more they get to pocket,” said Robert Shireman, director of higher-education excellence and a senior fellow at The Century Foundation. ![]() The University of Phoenix itself agreed to shell out $191 million in 2019 to settle a Federal Trade Commission complaint accusing the institution of advertising nonexistent partnerships with employers such as AT&T and Microsoft. “įor years, for-profit institutions have faced both ideological and regulatory battles.īad press about deceptive marketing practices and poor post-graduate outcomes has largely soured public opinion of the sector. “It’s not that there are no for-profits anymore … but it’s putting a real definitive cap on this decade-and-a-half decline of the for-profit sector. If a deal goes through, “This is the culmination of the era of the for-profits,” said Phil Hill, a partner at the ed-tech consultancy MindWires. While many details, including the timing for a potential deal, remain unclear, four experts who spoke with The Chronicle say the news underscores the further dismantling of the for-profit market, and traditional institutions’ continued banking on online education as a funnel for new students and revenue - even though most campuses shuttered by the pandemic have reopened. It then folded in its existing online arm, eVersity, last summer. ![]() The system already bought a smaller for-profit - Grantham University - in 2021, creating the University of Arkansas Grantham. is to advance the system’s mission of providing affordable, relevant education to a broad range of students, and introducing the UA System to new educational markets,” Hinkel wrote in a prepared statement to The Chronicle. The system has not confirmed those estimates. The Arkansas Times, which broke the news, reported that the price tag could sit somewhere between $500 million and $700 million. Any purchase would be done through a newly created nonprofit affiliate, which would “support and facilitate” the transition of the University of Phoenix to nonprofit status, Nathan Hinkel, a system spokesperson, confirmed. ![]()
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