The For-profit string of colleges opened its Market Street location in April 2007 amid fanfare from local governmental leaders, including then-Mayor Joe Riley, who’d encouraged the faculty to train workers for the hospitality and restaurant industries.
But now, as the Art Institute of Charleston’s new owners prepare to decrease their fiscal losses and shutter the campus in the end of 2018, even the college’s founding president senses that something went awry.
“I have Always thought about writing a novel, and the name would be’How Greedy Capitalism Ruined the For-Profit Higher Education Sector,”’ said Rick Jerue, that functioned as the Art Institute of Charleston’s president from 2007 to 2013. “You understand, schooling, it is a product, I will admit that, but all products are not as profitable as other goods, and education has a mission way beyond just the bottom line. And I think a number of those corporate leaders lost sight of this.”
Some present and former Students say they received a superior education from knowledgeable instructors at the Art Institute but that the school’s aggressive recruiting methods and sky-high tuition seemed designed to squeeze them for national financial aid and personal loan cash.
The U.S. Department of Education has sometimes cracked down on for-profit colleges that saddle students with insurmountable debt when devoting millions of dollars of federal aid to private investors. The national chain of ITT Technical Institutes closed all of its campuses in September 2016, roughly two weeks after the government cut off its pipeline of monetary aid money.
The (One estimate placed the figure closer to 85 percent as of 2014, together with Veterans Affairs funding included).
In return for that outlay of public money — totaling $5.8 million At the Charleston location in the 2015-16 school year — just half of students returned to the Art Institute of Charleston after their initial year. One-third of students graduated within six years, according to the Department of Education’s College Scorecard.
Pupils Graduated with a median of $29,700 in national debt not including personal loans and just 27 percent had paid just one dollar toward that debt years after leaving the college.
Officials in The Art Institute Of Charleston are referring all interview requests to Anne Dean, a spokeswoman for college owner Dream Center Education Holdings LLC. Dean hasn’t returned more than eight telephone calls in the past three weeks. In a prepared email statement on July 11, Dean said several campuses were closing due to declining enrollment and increased demand for internet programs.
Atlanta isn’t currently registering students. This campus will close Call 855-758-5661. If You’re interested in an Art Institute application of Study at another place or online, please phone 855-758-5665.