Submitted by Joe Beckmann (not verified) on January 9, 2009 - 2:38pm.
Why is there no discussion about the Assistant Secretary of Education recruited from the University of Phoenix, who, almost coincidental with her appointment, opened federally insured student loans to that and other proprietary online institutions, in spite of their extraordinarily high rate of loan defaults? Is it coincidental that the bankruptcies and nonprofit financial disasters that followed merely were random events? Or was this a deliberate attempt to pillage the public treasury at the expense - and academic mangling - of thousands of students who signed for millions in loan funds only to drop out of proprietary institutions that failed to offer adequate support for online-only engagement? Who will go to jail? And will their time have any equivalence to that lost by those students? by the institutions who MIGHT have served them?
And is this entire trail of despair totally asynchronous with Massachusetts' former Governor Bill Weld's courtship of a presidency at another of these institutions?
Other Financial Aid Fiascos
Why is there no discussion about the Assistant Secretary of Education recruited from the University of Phoenix, who, almost coincidental with her appointment, opened federally insured student loans to that and other proprietary online institutions, in spite of their extraordinarily high rate of loan defaults? Is it coincidental that the bankruptcies and nonprofit financial disasters that followed merely were random events? Or was this a deliberate attempt to pillage the public treasury at the expense - and academic mangling - of thousands of students who signed for millions in loan funds only to drop out of proprietary institutions that failed to offer adequate support for online-only engagement? Who will go to jail? And will their time have any equivalence to that lost by those students? by the institutions who MIGHT have served them?
And is this entire trail of despair totally asynchronous with Massachusetts' former Governor Bill Weld's courtship of a presidency at another of these institutions?