By MARY PATRICK
In his last stop during his bus tour through New York and Pennsylvania to talk about education issues, President Barack Obama suggested that law schools and for-profit colleges are two areas where changes are needed.
Obama spoke last week about changes needed to improve higher education in the United States. During his speech last Thursday at the University of Buffalo, Obama unveiled a far-reaching plan to help lower college costs.
One major part of his proposal calls for a federal government program that rates colleges based on a number of factors including tuition rates, graduation rates, debt and earnings of graduates, and the percentage of lower-income students who attend the school.
Universities would then be ranked against other universities in their peer group. Obama hopes to then tie federal aid to schools to their rankings positions. Doing so would require approval of his plan by Congress.
Obama’s plans come as reports show that the nation’s total student loan debt – $1.2 trillion, according to the Consumer Financial Protection Bureau – is now the second highest consumer debt in the country, behind home mortgages.
In a stop last week at Binghamton University in New York, Obama was asked about his thoughts on for-profit colleges.
Obama said he is not opposed to for-profit colleges, but that he felt some schools are most interested in collecting tuition than providing a good education.
Some students leave for-profit colleges “loaded down with enormous debt,” Obama said. “They can’t find a job. They default. The taxpayer ends up holding the bag. Their credit it ruined and the for-profit institution is making out like a bandit. That’s a problem.”
Obama said he is especially worried about for-profit schools that target veterans because they know money is available to them through the Post-9/11 G.I. Bill. He noted that a special task force now exists to “look out for members of the armed forces who were being manipulated.”
Obama also suggested that law schools could potentially cut the time needed to earn a law degree from three years to two years. Obama, who earned a degree in law himself, said schools would be wise to trim the curriculum for a law degree given the high cost of the programs and a job market that is not good for lawyers.
The president’s comments are worth noting for potential college students who should always double-check the credentials of institutions that are considering enrolling in and ensure they are getting the best scholarships and loan rates possible.
Obama said his stance on education is a personal issue. He told the crowd at Binghamton University that he and his wife, Michelle, would never have gotten as far along in life as they have without a college education.
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