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ITT Tech Is Officially Closing
- deleted 10y ago[deleted]
- johan_larson 10y agoAny theories on why the intersection of education and for-profit tends to be such a shitshow? The best educational institutions are non-profit pretty much across the board.
- typetypetype 10y agoFor-profit companies have pressure to show consistent revenue growth and this becomes their #1 priority. In the case of ITT tech, a large amount of their revenue came from tuition backed by federal loans. Non-profits schools have a similar pressure for their endowment fundraising, however that revenue comes mostly from alumni and not new/current students.
- calgoo 10y agoSame as hospitals and prisons. The goal of the company does not align with the expected service. The goal of a company is to make money for shareholders and investors. This causes issues when normal corporate practices such as cost cutting happens, because a lot of time, there is no place to cut without lowering the quality of the service. The good people get frustrated and leave, and its left running by skeleton crews, mostly filled with people who have no problem squeezing every cent from their customers.
- macintux 10y agoDiscussion taking place under the Bloomberg piece: https://news.ycombinator.com/item?id=12435978 https://news.ycombinator.com/item?id=12435978