For-Profit Colleges: Quality Education, Positive Returns for Shareholders - Essay Sample

Introduction

For-profit colleges refer to educational institutions that are normally corporations and, in most cases, have their shareholders. The for-profit colleges are run as a business and therefore deal in selling education as their products. Evener (2019) argued that the main goal and objectives of the for-profit colleges are to offer quality education to its clients, and by so doing, they generate a profit or a positive return for their shareholders. Evener (2019) further maintained that for-profit colleges could be grouped into one of the many numerous categories. One such kind of category comprises colleges that offer what most individuals would associate with colleges like a degree in criminal justice, business, education, and medical fields. Moreover, the colleges provide associates, masters, and bachelor's degree that is not different from those of local state universities, despite the fact that most of them are virtual colleges that offer their educational services online. Iloh (2016) claimed that some of the for-profit colleges have both physical locations as well as online classes. The other type of category comprises colleges that offer training and education in technical fields like dental assistance, nursing, or air conditioning repair. Such colleges are most considered to be trade or vocational schools, and due to their hands-on nature of the education or training their offer, most of them have physical locations or campuses.

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Iloh (2016) maintained that most of the finance generated by the for-profit colleges is invested in non-educational activities such as payments of investors or for recruiting or marketing. Iloh (2016) further noted that in most public colleges as well as private colleges, the extra revenue generated by the for-profit colleges is invested back into the colleges. Approximately 43% or 2822 of the 6502 institutions of higher education in the United States are for-profit colleges (Seamster, 2018). Despite this, only approximately 9% of the undergraduate students undergo enrollment in non-profit colleges. Seamster (2018) noted that the colleges had registered a steep decline in enrollment since 2011. The decline has made most of the for-profit colleges to host less than 1000 students and is mostly located in metro areas (Evener, 2019). Moreover, Seamster (2018) argued that approximately two-thirds of the for-profit colleges do not offer a degree but only some along with trade programs and career-focused certificates. The main focus of this paper is, therefore, to examine one of the for-profit colleges, especially, Walden University.

History and Governance

Walden University is a for-profit university that was founded by two educators in 1970. The university was established by means of working professionals with the main aim of pursuing their doctoral degrees. Rita and Bernie laid iloh (2016), the groundwork for the university in collaborations with Harold "Bud" Hodgkinson, a member of faculty at the University of California, Berkeley. Seamster (2018) further maintained that it was within one year that Hodgkinson published the university in an article that led to the initiation of a concept of the student-centered university. Glued together by a common and shared vision a unique kind of a higher education institution; one that gave attention to constructive social changes and permits various professional to continue working in their respective fields while pursuing and earning a degree, the institution was hence named by the two educators as "Walden University" (Evener, 2019). Since its inception, the university has retained its name without subjecting it to a different name. Seamster (2018) argued that in 1971, Walden University had its first classes convened in Naples in Florida. Initially, the main objective of the university was to assist students in the formation of their dissertation topics.

Moreover, Walden University awarded its very first degree at a great ceremony that was hosted in Florida-termed as the Ceremony of Honor for New Holders of Doctoral Degrees, 48 PhDs, and 25 EdDs were awarded. Since then, the university has continued with educational programs smoothly, a move that has shown it celebrates its 50th anniversary.

Iloh (2016) noted that being one of the most famous and established universities in the United States, the university are being accredited regionally by the Higher Learning Commission. Besides, the university has a strong board of directors that plays the responsibility of maintaining and upholding its mission and, therefore, the dedication to offering support to adult learners. Seamster (2018) argued that the main shareholder of Walden University is Laureate Education Inc. Besides, it is Laureate Education Inc, a certified B corporation that owns the university. It thus shows the full commitment to balancing the financial results with social and environmental responsibilities. Iloh (2016) maintained that Laureate Education Inc, in an established corporation that runs several other academic institutions such as INTI College in Indonesia as well as Istanbul Bilgi University in Turkey.

Despite its success, Walden University has faced various challenges associated with corruption. This was evidenced when it was subjected to scrutiny by Laureate Education Corporation regarding the criteria it was using to recruit some of its staff. The move made the administration of the university take the initiative of self-regulation, including encouraging the student to sue the university in cases that they feel they were offended. Since then, however, Walden University has been a smooth operation with minimal cases of corruption.

Purpose

Walden University focuses on positive social changes as premeditated processes for creation and hence application of strategies, ideas as well as actions to enhance dignity, worth, and the development of communities, individuals, organizations, cultures, societies, and institutions. It is upon the basis of these values that the mission and vision of Walden University are grounded.

Our Mission

Seamster (2018) argued that the mission of Walden University is to be a connective hub that enhances, facilitates and supports collaborative action research, partnerships as well as projects that result in significant actions for positive social change that is sustainable.

Our Vision

The vision of Walden University is to develop a center that can help in serving as a purposeful, action-centered catalyst, to aid organizations and individuals focused on positive changes to have a connection and hence offer valuable information that will be instrumental in supporting the commitment of the university in fostering social change via projects, research, community engagements as well as the education of the scholar-practitioners (Seamster, 2018).

Admission Requirements

It is a common practice by all universities that their students must meet certain criteria before being admitted for any program (Iloh, 2016). In the same way, Walden University has stipulated certain admission requirements for its students to be considered for any kind of admission to its programs. Evener (2019) claimed that the requirements for the admission might vary by the level of the degree or program and, therefore, it might be necessary for one to provide some additional information for specific degrees or programs. Generally, the following are the admission requirements for Walden University.

• Official transcript of the highest degree attained or any completed coursework.
• The students must undergo successful English proficiency test scores
• Completion of application
• Current resume, if applicable
• Accessibility to the Internet and computer

Evener (2019) argued that Walden University an entirely online college and hence could serve students from various geographical locations. Currently, the university has a total enrollment of approximately 50,345 as of 2020 (Seamster, 2018).

Cost to Student

Evener (2019 noted that over the past few years, Congress members had undertaken investigations and hearings concerning the high costs of for-free colleges. Evener (2019 argued the investigations found that some academic institutions such as Walden University were very expensive as compared to traditional private universities. He further noted that tuition fees for the online university such as Walden ranged between $ 19,000 per annum to as high as $41, 000 per annum (Iloh, 2016). The exorbitant fees make most students go for a loan to cater for their fees and may end up owing the school much money by the time they graduate with their masters or bachelor's degree. Evener (2019 argued that it is even much better to attend a state university is one does not have to work full-time. However, he further ascertains that for individuals who have full-time jobs as well as those with young children, attending for-profit colleges would be the best option.

Evener (2019) claimed that online undergraduates undertaking an associate degree at Walden University get charged tuition fees of $ 325 as well as technology fees of $ 132 per credit hour. He further ascertains that this would mean that completing a 181-hour course would consume over $61,000 in total. Seamster (2018) noted that the prices are never the same as graduates undertaking master's degree pay prices ranging from $526 to $952 per semester hour. The tuition fees are even higher for individuals undertaking Ph.D. programs. (Evener, 2019) argued that the tuition fees for the Ph.D. program at Walden University range from $ 570 to $ $1000 per semester hour.

Moreover, the university offers various occupational certificates in different fields. For instance, it offers to graduate certificate in auditing, a graduate certificate in digital marketing, as well as a graduate certificate in leadership at $ 320, $ 343, and $360 per credit hour, respectively. Seamster (2018) maintained that Walden's tuition prices are relatively higher than that of other universities such as Osun State University (OSU). However, Iloh (2016) noted that the tuitions fees are subjected to change any time are, therefore, never constant.

Despite the high cost of education at Walden, the university is certified to participate in various loans and grant programs that are available to the citizen of the U.S. as well as eligible noncitizens. Besides, the university offers scholarships to its students, especially ones who performs exemplary in various disciplines or attains certain criteria. Iloh (2016) argued that Walden takes the initiative to offer tuition support across various programs via scholarships.

Format of Instruction

Walden University, being an online institution, normally provides a timeline for the completion of all its programs. This, therefore, means that students are given specific duration upon which they are expected to complete their programs. Evener (2019), however, noted that duration for completion of a program at Walden University varies depending on the nature of the programs. For instance, certificate courses normally take six to twelve weeks, undergraduate degree programs take four years, and whole master's students take two and a half years, and finally, Ph.D. programs take three to five years.

Iloh (2016) argued that one of the impressing characteristics of Walden University is that it offers opportunities to some of its students, especially with master's and Ph.D. degrees to be instructors with a salary ranging between $ 30,000 and $ 45,000 per annum. Most of the instructors are employed on a full-time or contract basis with an insurance cover.

Results

Seamster (2018) maintained that by 2014, there were 7,381 candidates with a bachelor's degree at Walden. Then about six years after starting their degree, the university was able to have 20.1% of its students graduate. Evener (2019) claimed that 20.8% of the class, two years later, ended completin...