For-profit colleges seemed to be appealing to more than a million college students who wanted to get a short cut to a new job or a higher pay. However, the sad news is that at the end of the day, graduates still end up not getting the job or the salary they have been dreaming of.
Because students invest a lot of their time and money to be able to attend a good college, most of them end with thousands of dollars in student loans with no easy way to repay them. And according to MarketWatch, even five years after graduates pay their student loans, the typical low-income borrowers were still not able to pay anything, especially when they do not end at the right school and it does not have to be the top 10% of the universities when it comes to economic opportunity.
So if you have considered submitting an application to a for-profit college, here are some considerations you need to bear in mind, according to the College Times.
They target the low income students
Some for-profit institutions make false promises to potential students and use aggressive tactics to recruit more students to enroll. In the end, their graduates spend years paying off loans for believing false hopes.
Only a small number of students graduate
Only 22 percent of all student from for-profit colleges end up graduating because many of the students end up dropping out after a year or two. Whereas in public institutions 55 percent of students finish their college and 65 percent in private non-profit schools.
Almost every student are faced with student debts
Only four percent of the entire student population who graduate from for-profit colleges are debt-free while 38 percent from public institutions and 28 percent from private non-profit institutions.
