3 p.m., April 24
For-profit colleges exploit African-Americans
Bridgepoint's Ashford among top two schools, says Salon.com
Salon.com has an excellent article dated June 9: "Young, black and buried in debt: How for-profit colleges prey on African-American ambition." Black college enrollment soared 35% between 2003 and 2009, almost twice the rate of white college enrollment, says the publication. "Between 2004 and 2010, black enrollment in for-profit bachelor's programs grew by a whopping 264%, compared to a a 24% increase in black enrollment in public four-year programs, " says the article. But this headlong rush has led to young people "finding themselves ripe for the con man's picking. They've landed, disproportionately, at for-profit schools, rather than at far less expensive public community colleges or at public universities. And that means they have found themselves loaded with unimaginable debt, with little to show for it, while a small group of financial players have made a great deal of money."
The two top producers of black graduates in 2011 were the University of Phoenix (whose publicly traded parent is Apollo Group) and Ashford University (whose publicly traded parent is San Diego's Bridgepoint Education.) Ashford accounts for almost all of Bridgepoint.