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For-profit colleges are usually designed for students pursuing a specific career or trade. But they can be more expensive than public, nonprofit options. And if they’re not accredited, you’ll have a hard time qualifying for federal student aid.
Unlike nonprofit private and public schools, for-profit colleges are set up as corporations. They usually have a CEO and shareholders — with the main goal being to turn a profit. This can cause other areas such as graduation rates, retention and course quality to suffer, since they’re not the primary focus.
For-profit colleges also typically use different accrediting bodies than nonprofit schools, which can make it difficult to transfer courses between the two. And if a for-profit school is struggling to maintain accreditation, it can cause them to lose access to government-issued financial aid for their students, including federal loans, grants and work-study.
Below are some of the top for-profit schools in the US:
Unfortunately, for-profit colleges tend to be more expensive than public schools. Though private, notnprofit colleges normally take the cake when it comes to the highest total cost.
Here’s the average annual cost of attendance for the 2017-2018 academic year at different types of schools, according to data from the National Center for Education Statistics.
Type of school | Annual cost of attendance |
---|---|
2-year public college | $3,600 per year |
2-year for-profit college | $14,200 per year |
2-year private nonprofit college | $17,800 per year |
4-year public college | $9,000 per year |
4-year for-profit college | $17,000 per year |
4-year private nonprofit college | $34,600 per year |
Weigh the benefits and drawbacks of attending a for-profit college to help guide your decision.
For-profit vs. nonprofit colleges: How they compare
For-profit colleges are ideal if you’re pursuing a trade or profession that doesn’t require a traditional college degree. But they’re not always the cheapest option out there. And they can be risky if they’re not accredited.
Decide on a school, but not sure how to pay for it? Compare your options with our guide to student loans.
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