For-profit education has been taking a beating lately. Enrollments are down. A bunch of (presumably former) employees of these schools did a lot of dumb, deceptive and greedy things, on tape and video no less. Some of these guys are to quality education what the Olive Garden is to Italian cuisine.
Ironically, the part that seems to be really upsetting people is that these colleges and universities are trying to make a profit. Call me crazy, but I thought making a profit was one of the most important things that a good business needed to do. Making a profit is how you stay in business, how your employees and families stay fed, and how the marketplace ultimately tells you that you’re doing the right things. Focusing on profitability helps to make sure that you keep your business and your offerings truly competitive.
Now, if you’re a well-regarded and selective non-profit college, you’ll always be turning a certain crowd of wanna-bes away; your tuition prices can soar every year; and your facilities and non-teaching faculty (and salaries) can grow to the sky. Those colleges are living off their endowments and the stock market, not the market for their services.