Thread regarding DeVry Inc. layoffs

Student loan defaults skyrocketing

For those who havent figured out what's going on, let me summarize it.

From around 2009 until 2015'ish, the govt practically gave money away to anyone who could sign their name on a piece of paper stating they would use it for school. Kids using the money for everything from drugs, to partying, new cars, you name it....oh, and school.

Now that party has ended and surprise, surprise, those loans aren't being paid back. Without the govt giving away money, guess what?

There's no students anymore.

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Once upon a time, a typical student at the time of graduation owed a student loan of around $40K, after graduation used to get a job with a salary in range $35-$45K!

Now a days, a typical student at the graduation, owes loans more than $80k, and can barely get a job that pays around $40-45k!

The math does not work for a typical typical Devry student! Hence, a decline in student population!

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I was always curious..why did we stop trying to recruit high school students?

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Obama was handing out “loan forgiveness” like candy. If he had his druthers he would have forgiven all student loan debt. I say forgiving a loan should be very, very rare. If I were a failed DeVry student (and there are tens of thousands) i would asked for forgiveness based on them (DeVry) allowing me to enroll when I was clearly deficient in the basics, such as math and English. DeVry only prospered under Hamburger because he allowed the Admissions staff to enroll students who were setup for failure. I always believed that if DeVry enrolled students with decent ACT/SAT scores there would be far fewer issues today. But DeVry dumped the idea of enrolling smart high school kids and went after adults. Their admissions decision was based on the very simple “admissions test”, and most students over the past 10 years or so tested “deficient” in math or English or both. Now, how many of these types of students actually have a chance of success? Answer- single digit percentage, maybe. You can’t build and sustain a business model with those metrics. Frankly, I’m embarrassed to have vested my career in this company. Maybe someday Someone will actually do a case study on the failure of DeVry. The sad news is Hamburger walked away having earned somewhere between $75 and $100 million. Do you think he has any guilt?

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2 uzf: I think 1kud was talking about loan relief--not the loans themselves. Yes, the loans may still be handed out like candy; but, asking for loan forgiveness (when one goes into default because one has not succeeded in getting any/the kind of employment that allows one to pay back one's student loans) is more difficult. Buyer beware.

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The “government” loans you speak have been easy to get way before 2009 - and they still are easy to get. The rules haven’t changed.

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Nobody in their right mind is likely to sign up for DeVry now: />

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the rich get richer, the poor get poorer. and we are on the side of the rich.

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Right. This chart perfectly illustrates why we saw such good times, and it only shows until 2015!

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Look at that chart. Do you think that is sustainable and will not end in tears? It's ending now.

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