Student choice, RIFs, compliance violations, and now the plan is clear. Get out of the education business by retaining students with no "choice" but to stay put (cha ching, gives you time to cook the books). Then fire everyone in academics and student services when those students reach the end of the FA probation cycle and are dismissed, and RIF CS with a measley severance package so they won't tell. ECMC then immediately eliminates all costs associated with academics and assets associated with "non profit" education shell company maintenance (cha ching). Then the Master Plan begins: Categorize all the collectible CCi debt you bought and sell the accounts that are unlikely to be collected for an inflated price to an unsuspecting parasite (cha ching). Then, Poof! Zenith the Non Profit disappears. Jack was right. Our greatest asset was indeed student debt. NEXT VICTIM? (cha ching)
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329 - That is the biggest thing. All of these for profit leeches live only because of a massive infusion of billions of federal dollars. Look at ITT Tech, milking the tax payers over a billion a year and 75% of their graduates default within 5 years - and its not really their fault either when employers laugh at their degree. Why should students be stuck with debt for half of their lives, yet these corrupt businesses get to keep on milking money from the government? Why should some kid that started out at 18/19 in most cases be expected to know more about the risks than multimillion dollar legal teams? Nobody is hiring people even from state schools, but the internetz are full of angry tea party loons rabid at the thought of not taking everything someone ever has because they wanted to try to get a degree in the worst job market in 80 years.
It looks to me like the plan is to get the student population down to an acceptable level determined by the DOE then close the schools. I have not heard anything on plans to improve enrollment.
2270:They have no direction anyway. They operate on trial and error system. Unfortunately this system is only good for high school chemistry and other labs. They have no idea what they are doing and their ego will not allow them to go out of this mess and find qualified people to run their shit. They need new folks from president level and up. They just recycle losers and expect great results. Their latest trial and error thing is to go ahead and start a bunch of new programs to increase their population. They can't manage the programs they already have. Why would anybody give them permission to start new programs?
The agreement with Ed prevents this from happening for 5 years I believe. They cant go in this direction.
Selling federal student debt!?