University of Phoenix closing 115 locations (AP/BloomburgBusinessWeek)

[eppur_se_muova]

By Alex Veiga on October 16, 2012

Apollo Group Inc. said Tuesday that its fiscal fourth-quarter net income tumbled 60 percent, hurt by higher costs and declining enrollment at the University of Phoenix. To cope, the for-profit education company plans to close 115 of the university's mostly smaller locations, a move that will affect 13,000 students.

Shares in the Phoenix-based company tumbled nearly 9 percent in after-hours trading.

The closings include 25 main campuses and 90 smaller satellite learning centers. At least one location in 30 states is slated to be shuttered.

The roughly 4 percent of Apollo students affected by the closures will be given the option of transferring to online programs or moving their course work to other sites, said University of Phoenix President Bill Pepicello.

If no other center is nearby, the company will continue courses at other space near the closed facility until students complete their degrees, he added.
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more: http://www.businessweek.com/ap/2012-10-16/university-of-phoenix-closing-115-locations

[bongbong]

1. For-profit "universites"

Free Enterprise ROOLZ! What could go wrong?

[Raster]

2. condolences to the students, however, Phoenix has one of the highest studen loan default rates....

...and one of the lowest alumni employment rates.

For profit education is counter-productive and only exists to make rich people money.

[factsarenotfair]

3. Frontline did a story in 2010 on for-profit colleges

FRONTLINE also finds that the regulators that oversee university accreditation are looking closer at the for-profits and, in some cases, threatening to withdraw the required accreditation that keeps them eligible for federal student loans. "We've elevated the scrutiny tremendously," says Dr. Sylvia Manning, president of the Higher Learning Commission, which accredits many post-secondary institutions. "It is really inappropriate for accreditation to be purchased the way a taxi license can be purchased. ...When we see any problematic institution being acquired and being changed we put it on a short leash."
http://www.pbs.org/wgbh/pages/frontline/collegeinc/view/

The University of Phoenix even has a web page with their reponse to the 2010 story:
http://www.phoenix.edu/about_us/media-center/university-of-phoenix-responds-to-frontline.html

[HiPointDem]

4. good. i hope they go bankrupt.

amazing that they're closing 115 locations and it affects only 4% of students, however.

[Starry Messenger]

5. After taking so many people for student loan money. :(

Fucking vampires...now they just close up shop and reappear with another scam next time.