| Symbol | Last Trade | Change | Volume | Intraday | Related Info | ||
|---|---|---|---|---|---|---|---|
| APOL | 12:24PM EDT | 57.99 |  3.51 | 5.71% | 3,448,024 | ||
| ESI | 12:24PM EDT | 104.90 | 5.80 | 5.24% | 1,172,404 | ||
| DV | 12:24PM EDT | 62.11 | 4.59 | 6.88% | 2,004,910 | ||
| COCO | 12:24PM EDT | 15.95 | 0.96 | 5.68% | 4,506,423 | ||
Note:
APOL = Apollo Group (parent of University of Phoenix)
ESI = ITT Educational Services
DV = DeVry
COCO = Corinthian Colleges
Market watchers are attributing the drop to this article from Inside Higher Ed "Comparing Higher Ed To Wall Street":
"On Wednesday, in a speech to state regulators who oversee for-profit
colleges, the chief architect of the Education Department's strategy,
Robert Shireman, offered a much more critical assessment of the private
sector institutions than he has in his public comments to date,
according to accounts given by several people who were in the room. He
compared the institutions repeatedly to the Wall Street firms whose
behavior led to the financial meltdown and called them out
individually, one by one, for the vast and quickly increasing sums of
federal student aid money they are drawing down."
Comparing higher ed. accreditors to ratings agencies, Shireman noted the following similarities:
"That higher education accrediting agencies are made up of (and
financially supported by) their member colleges, and see it as their
mission both to help the institutions "improve" and also to ensure, in
what is essentially a subcontract from the federal government, that
they are of sufficient quality. They are nonprofit, unlike the ratings
agencies, but they are run by the institutions they regulate, in ways
that the credit agencies aren't.
The peer review nature of higher education accreditation has an
inherent conflict of interest similar to the ratings agencies, Shireman
said. Given that, he suggested, it is crucial for state and federal
agencies, as the other two parts of the triad, to step up their role in
regulating higher education."
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