National Black Chamber of Commerce Responds to Department of Education's new Gainful Employment Rule

WASHINGTON, Oct. 31, 2014 /PRNewswire-USNewswire/ -- We are extremely disappointed but not surprised that the Administration has decided to move forward with its harmful "Gainful Employment" regulations. As numerous students, teachers, employees, businesses, and higher education institutions have warned, the unintended consequences of the rule will be devastating to the millions of underserved minority students who rely on for-profit colleges and universities to obtain the education and training that they need to pursue rewarding careers that will further their and their family's lives.

Do not be fooled by the Department of Education's rhetoric: these regulations will do little to protect students or address the issue of student debt. Numerous studies have shown that they would shut down thousands of good programs at well-performing institutions across the country, and severely restrict all Americans' access to higher education. Unfortunately, the Administration's "good intentions" are muddied by its blind crusade against the for-profit sector of higher education, and it has turned a deaf ear to those who would be harmed most by these rules, the American people.  This will have an adverse effect on many of our youth whose talents will not be utilized in our society.  First it was funding cuts for our historically Black colleges and universities (HBCU's) and now blocking financial aid for students at for-profit colleges.  These are sad times for education.

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SOURCE National Black Chamber of Commerce

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http://www.nationalbcc.org