The under-the-radar companies making a killing on the student debt crisis
Favell is a first-generation college student from California, and according to documents filed in a recent lawsuit, she felt it was important to earn her degree from a prestigious school. When she reviewed US News & World Report's"2021 Best Education Schools" list, one program caught her eye — the University of Southern California's Rossier School of Education.
"Ms. Favell incurred significant debt and out-of-pocket expense in reliance on USC Rossier's position in the US News ranking," thesaid."She regrets her decision to attend USC Rossier because of the false rankings information. She would not have attended had USC Rossier been ranked in a lower position given the high price tag of the school and/or would not have paid nearly as much." USC denied the claims in the lawsuit.
The OPM model may seem like an easy win for colleges, but for many students, the courses are more of a raw deal. The companies' aggressive recruitment tactics suck in as many students as possible by promising convenience and a well-paying job after graduation. Instead, many students find themselves shouldering a huge debt load from a program that was a pale imitation of the in-person learning experience.
."But too many students have been defrauded by the misleading marketing of companies whose profits depend on enrolling as many students as possible at all costs." John Katzman has been deep in the OPM trenches for years. In 2008, he cofounded the OPM company 2U and eventually grew it into one of the biggest online-course providers in the country. Katzman told me that in its early years, he felt confident that the company was having a positive influence on the higher-education industry.
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