www.ed.gov/news/press-releases/us-department-education-reaches-settlement-devry-university-over-job-placement-claims
12 replies (most recent on top)
British Petroleum (BP) and DeVry is a terrible comparison. For one, the government sees BP as a cash cow (like Citibank and Phillip Morris)...it's easy money to skim them for all their worth (but not kill them of-course). However, the government absolutely wants to put an end to all for-profit schools. That is indisputable...start with the weak ones, then make the strong ones weak through regulation, and so on and so on. DeVry is in the cross hairs and going down soon enough.
Devry is accredited by the hlc not acis so bro you are wrong there . 2ndly, if BP can pay 43billion in fines and still operate and they killed animals and people and industries and still be in business, i think Devry will be ok. Let's not jump the gun and stir up a buncha drama like an 8th grade girl.
Once the DOE gets involved with a for-profit it only gets worse. All the states with Democrat Attorneys General will start piling on law suits and investigations. The SEC and CPB get on board and the spiral of death starts.
Devry is accredited by HLC, not ACICS.
Layer on top of all that - ACICS is going to be dead here soon - which accreditor is going to touch DeVry after this 'deal' with the DoE? No accreditation = no federal money = 85% of DeVry's revenue goes poof in 18 months anyway.
I'd milk this gig for as long a I can and start lining up other jobs in the meantime. Term is 'runway'. Use it.
The effect won't be immediate...but it's coming. No school having been required to post a surety bond has ultimately survived...period. This is the classic "death by a thousand cuts" strategy ED has employed against Corrinthian, ITT Tech, Regency Beauty, and others. Soon will come all sorts of states Attorneys Generals jumping on band wagon, SEC suits, additional financial requirements, additional heightened cash monitoring, all coordinated to squeeze DeVry from being able to invest in its programs or otherwise improve its way out of the problem. My guess, it's got longer to live then Apollo Group...but no more than a year.
DeVry employee here. Not saying they won't close, but Camden doesn't know anything about it either way. He's just a troll. That guy has said so many things that demonstrate he has absolutely no insight into DeVry or its operations.
Your job is over better start looking and hope that you have your finances in order
Better start packing up my bankers box now
I wonder whatbwill happen when the FTC suit is over also. I'm guessing they won't win that one either, and since they have to set aside $68 million a year for five years, I predict major cuts, and maybe worse if they lose the FTC suit as well.
Camden said they will be closing so what's the deal? How come their doors aren't locked and all people put in jail?
Are they closing ???