Wednesday, March 17, 2010

Teach him how to Cook a Fish...then send a Tuition Bill

According to the New York Times this recession is helping culinary and trade schools really take off. Students are going into greater debt by taking out variable rate loans in order to pay for schooling culinary experts seem to think they don't need.

The article states "...several local chefs said the program merely simulated what students could learn in entry-level jobs."

Apparently the Obama admin put out more cash for Pell grants and these for-profit schools are finding out clever ways of claiming it.

"The Career Education Corporation, a publicly traded global giant, last year reported revenue of $1.84 billion. Roughly 80 percent came from federal loans and grants."

and its not just culinary schools reaping rewards:

"The Apollo Group — which owns the for-profit University of Phoenix — derived 86 percent of its revenue from federal student aid last fiscal year, according to BMO. Two years earlier, it was 69 percent."

So I guess the lesson we learned is...if a man is hungry don't give him a fish or teach him how to fish...teach him how to COOK fish for large, large sums of money!

NY Times Source
Comic from my new favorite comic - Mordant Orange


Mandi said...

Intellesting. Velly, velly intellesting. . .