More fallout from new federal education policies for student financial aid that began on for-profit colleges last week: Sanford-Brown College, which operates 18 career colleges, announced it will stop accepting new students and strategies to phase out its brick-and-mortar schools in favor of online education.
The company said it plans to shift purpose to its 2 online universities: Colorado Technical University and American InterContinental University as it completes a “teach-out” at its traditional places. A teach-out is a progressive discontinuation of operations that is planned to supply students a reasonable opportunity to finish their programs of study before a school ultimately closes.
The closing of the campuses might take anywhere from 18 months to about three years.
Due to this closure, former students from Sanford-Brown are offered for loan forgiveness.
New U.S. Dept. of Education guidelines took effect the very first day of this month that are planned to reinforce the DOE’s oversight of particular profession training programs.
To get federal student aid, the law needs that the majority of for-profit programs and certification programs at personal non-profit and public institutions prepare students for “gainful employment in an acknowledged occupation.”
Under the brand-new policies, a program would be considered to result in gainful work if the estimated annual loan payment of a common graduate does not go beyond 20 % of his/her discretionary earnings– the amount left after paying for fundamental needs like food and housing– or 8 % of his or her overall revenues.
Programs that exceed these discretionary income levels would be at threat of losing their capability to participate in taxpayer-funded federal student aid programs.
The regulations are developed to distinguish between programs that supply cost effective training that results in well-paying tasks from programs that leave students with poor revenues potential customers and high quantities of financial obligation.
Based on offered information, DOE estimates that about 1,400 programs serving 840,000 students– of which 99 % participate in for-profit institutions– would not pass the brand-new responsibility standards.Sanford-Brown Campus Locations Florida |
Sanford-Brown College Fort Lauderdale 1201 W. Cypress Creek Roadway Ft. Lauderdale, FL 33309 Florida|Sanford-Brown College
Jacksonville 10255 Fortune Parkway, Suite 501 Jacksonville
, FL 32256 Florida|Sanford-Brown College Orlando 6039 S. Rio Grande Ave.Orlando, FL 32809 Florida|Sanford-Brown College Tampa 3725 W. Grace St.Tampa, FL 33607 Georgia|Sanford-Brown College Atlanta 1140 Hammond Drive, Suite A-1150 Atlanta, GA
30328 Illinois|Sanford-Brown College Chicago One N. State St.Chicago, IL 60602 Minnesota|Sanford-Brown College Brooklyn Center 5951 Earle
Brown Dr.Brooklyn Center, MN 55430 Minnesota|Sanford-Brown College Mendota
Heights 1345 Mendota Heights Roadway Mendota Heights
, MN 55120 Nevada|Sanford-Brown College Las Vegas 2495 Village View Drive Henderson, NV
89074 New Jersey |
Sanford-Brown Institute Iselin 675 United States Route 1, Second Floor Iselin, NJ 08830 New york city|Sanford-Brown Institute Garden City 711 Stewart Ave., 2nd Floor Garden City, NY 11530 New York|SBI School -an affiliate of Sanford-Brown 320 S. Service Roadway Melville
, NY 11747 New York|Sanford-Brown Institute New york city 120 E. 16th Street, Fourth Floor
New york city, NY 10003
Texas|Sanford-Brown College Dallas 1250 W. Mockingbird Lane, Suite 150 Dallas, TX 75247
Texas|Sanford-Brown College Houston 9999 Richmond Ave.Houston, TX
77042 Texas |
. Sanford-Brown College San Antonio 4511 Horizon Hillside Blvd San Antonio, TX 78229-2263 Virginia|Sanford-Brown College-
Tysons Corner 1761 Old Meadow Roadway McLean, VA 22102 Washington|Sanford-Brown College Seattle 645 Andover Park West Seattle, WA 98188