A few years ago while researching information on education
assistance for veterans I ran across some startling numbers regarding the
veteran graduation rates from for-profit universities and the percentage of
federal funding allocated to them.
(Since I do not have the actual link available to the research I must
make a note that these numbers are from memory so we’ll say they’re
approximately correct). So
“approximately” 60% of all federal education funding for active duty personnel
and veterans is allocated towards for-profit institutions (e.g. University ofPhoenix) but unfortunately the graduation rates of these same veterans is below
30%. HOW IS THIS POSSIBLE? These schools are raping the system.
Fortunately, a new startup, Ranku, founded by CEO Kim Taylor
has also taken notice. Taylor is a former University of Phoenix employee where
she was responsible for user acquisition; so she understands how these schools
are taking advantage of students looking for an online education.
Ranku, will guide prospective students to non-profituniversities, while barring for-profit schools.
Taylor’s hope is to allow students to discover different name brand schools
who recently adopted an online model (e.g. Georgetown University, UNC, Stanford,
etc).
Although, Ranku has an uphill battle since these for-profit
universities are notorious for gobbling up competition and will most likely try
to stop this type of service from hitting it mainstream.
How do you think Ranku can overcome a
potential lash out from for-profit schools?
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