By Bahar Akman Imboden
Education Secretary Betsy DeVos’ decision to repeal the gainful employment rule is unjustifiable. Our students need protection from low-quality schools that have built their business model on the availability of student loans.
Gainful employment rules were designed to take away for profit schools’ eligibility to offer student loans if their graduates could not earn enough money to pay off their student debt. Now, without these regulations, these predatory for-profit corporations will, once again, provide a low-quality education and pocket students’ money while saddling them with loans that they can’t repay.
At the Hildreth Institute, we believe that the student loan system created perverse incentives that enabled bad actors in the higher education space to prey on students. Without the proper accreditation processes, accountability measures, and oversight, these predatory actors will continue to base their business models on the availability of these loans with little commitment to providing quality education.
We urge Secretary DeVos to stand on the side of students and families, not predatory schools interested in making profit off of a youth saddled with debt. The future of our economy depends on it!