In spite of several concerns, including a taxed status and lack of state funding, the future of for-profit, or proprietary, schools looks bright for the foreseeable future.
There are a number of reasons for optimism. Topping the list is demand. President Obama has set a goal of making the United States the largest producing nation of college graduates by 2020. In a May 2010 speech, Education Secretary Arne Duncan echoed Obama’s wish at a policy forum sponsored by a for-profit college, noting the “vital role” that such schools play in training students for jobs. With a tight economy forcing job seekers to acquire new skills, the availability of for-profit colleges remains an appealing option.
One of the reasons for the appeal is the flexibility offered by for-profit institutions. Many of the students who enroll in proprietary schools are adults who work full-time jobs while maintaining families and raising children. The for-profit schools have found success by catering to the needs of the working adult, offering options such as flexible scheduling and online courses. In many cases, an associates or bachelors degree can be earned in less than the two or four years proposed by non-profit colleges. Students can attend school without sacrificing job income or time away from their families.
Another advantage which the for-profit school holds over its non-profit competitors is its status as a business entity. Unlike a public non-profit school, which is largely funded by state supported income, the proprietary school is in direct competition with other schools and must function in a businesslike manner to maintain success. Schools that fail to progress are destined to lose potential students to competitors, similar to any other business. Because of this, for-profit schools are forced to bring a more innovative approach to the educational arena. By introducing new degree programs and course offerings, the for-profit school remains on the “cutting edge” of education.
Because of its business model, for-profit colleges should also remain successful in the future because of their ability to properly utilize funds. Most of the for-profit schools are not required to channel money into athletic programs, student life activities and other non-academic interests. The money received by a proprietary institution is budgeted with a higher percentage geared toward servicing the educational needs of its students.
For-profit schools have gained success and acceptability because of their commitment to vocational training. While adhering to their state educational standards, which have become more stringent, the proprietary school serves its students best by offering specific vocational programs in fields such as paralegal training, medical assistance, and aviation maintenance, which allow a student to train for a specific career rather than a general field. This degree track allows students to complete the requirements in a shorter amount of time, but ready to enter the job market with the skills necessary for their chosen career. This trend should continue in the near future as there are still many students looking for the specific training offered by for-profit schools.
For-profit schools will face challenges in the future. Some of these challenges will come from within as proprietary schools directly compete against each other for students. Other threats will develop as non-profit colleges, facing their own budget cuts, begin to emulate some of the educational models which have been successful with the for-profit schools. However, with more Americans seeking educational alternatives, coupled with an executive administration committed to helping more adults earn college degrees, the future of for-profit schools looks optimistic.
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