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From Bloomberg News | The Obama Administration is expected in the next few weeks to proposed new, tougher rules for-profit education companies such as Hoffman Estates-based Career Education, limiting the amount of federal financial aid and cutting the companies’ annual revenue growth. The companies are lobbying against such changes.
Get the full story: businessweek.com
Dow Jones Newswires | For-profit education companies were under pressure Thursday after a U.S. Department of Education official did an about-face and bashed the companies and the accreditation process in a speech late Wednesday, allegedly comparing the sector with Wall Street firms whose actions brought about the financial turmoil of the last few years.
In a speech to state regulators who oversee for-profit colleges, Robert Shireman, the man behind the Education Department’s strategy, called out the colleges one by one for the increasing amounts of federal student aid money they’re getting, according to an article in industry publication Inside Higher Ed.
From Bloomberg | Oakbrook Terrace-based DeVry Inc. fell on the New York Stock Exchange after an analyst at Credit Suisse Group cut her rating on the company. The stock fell $4.50, or 6.5 percent, to $64.96 at 10:24 a.m.
Get the full story: businessweek.com.
By Kiah Haslett | Educational
service provider DeVry announced a 60 percent increase in first-quarter
net income, to $81.2 million, from the same period a year ago, citing
strong enrollment during the recession.
Earnings per share increased 60 percent to $1.12, narrowly beating analysts’ expectations of $1.04 per share.
By Kiah Haslett | The Kellogg Graduate School of Management at Northwestern University ranked fourth, and the University of Chicago Booth School of Business tied the Wharton School of the University of Pennsylvania for fifth on U.S.
News & World Report’s list of top 10 graduate business schools.
Students in California protest budget cuts in public education in March 2010. (AP Photo/Ben Margot)
By Becky Yerak | A growing number of college-bound teenagers are changing their plans for
higher education by working more, staying closer to home, opting for a
community college or delaying enrolling, a new study shows.
According to a newly released joint study by Junior Achievement and the
Allstate Foundation, 63 percent of teens surveyed said they’ve changed
their college plans because of the economy, up from 55 percent last
year.
JPMorgan CEO
Jamie Dimon, left, and Goldman Sachs CEO Lloyd Blankfein in 2009. (Nancy Stone/Chicago
Tribune)
From Syracuse.com | A group of students at Syracuse University in New York has created a “Take Back Commencement” group on Facebook to protest the university’s graduation speaker, JPMorgan Chase CEO Jamie Dimon. “We…are against
using the 2010 commencement to restore the public image of the banking
industry and validate the anti-environmental and anti-humanitarian
interests of JP Morgan Chase,” reads the petition. It has gathered 860 signatures so far.
Get the full story: syracuse.com.
By Kathy Bergen
| DeVry Inc. is riding a surge in for-profit education stocks today, with its shares rising by more than 9 percent, to $71.79 at midday on the New York Stock Exchange.
The Downers Grove-based firm’s shares took off after Credit Suisse upgraded its shares and those of Carmel, Ind.-based ITT Educational Services from neutral to outperform.
Analysts cited the possibility that the U.S. government may ease proposed rules affecting eligibility for federal student aid.
By Gail MarksJarvis | I was at a gathering the other day and talking to a former lawyer, who told me she is having second thoughts about deciding years ago to stay home to raise her three children. The couple has been saving money for college, but likely not enough for elite schools. And while their children are happy and well adjusted the woman wonders if they made a mistake trying to live on one income.
For many couples, the financial challenges of living on a single income are greater than this family’s. That’s why a worksheet developed by Jean Chatzky, author of “Money 101,” could help a couple trying to decide whether to dare live on one income.
Get the full story: MarksJarvis on Money
Juan Padilla, left, a district manager at Frito Lay, talks with job seeker William Garcia during the National Society for Hispanic Professionals Chicago bilingual job fair at Navy Pier in mid-March. (Antonio Perez/Chicago Tribune)
By Don Lee | The American economy added 162,000 jobs in March, the biggest burst of
hiring in three years, the Labor Department said Friday. The
unemployment rate held steady at 9.7 percent, the level it has been for
the last three months.
The March job gains, which were boosted by temporary hiring for the
census, marked the biggest one-month increase since 239,000 jobs were
generated in March 2007. The latest gain was slightly lower than what
many economists had been forecasting, but the government also revised
up the count of payrolls for the first two months of the year.
By Julie Wernau | The president and chief executive officer at Hoffman Estates-based Career Education Corp. saw a nearly $1 million increase in his annual compensation last year, according to the company’s proxy statement filed today.
Gary E. McCullough saw his total compensation jump 21 percent to $5.44 million from last year’s $4.5 million. His base salary of $800,000 remained the same while other executives saw increases of up to 7.7 percent.
By Julie Wernau | Northwestern University has selected Sally Blount, dean of the undergraduate college and vice dean of the
Stern School of Business at New York University, to lead the Kellogg School of Management.
Blount, an alumna of Kellogg, will begin in July, Northwestern Provost Daniel I. Linzer announced today. She succeeds Sunil Chopra, who has served as interim dean of Kellogg since
last September.
“Dean Blount brings a remarkable combination of strong academic
achievement and proven administrative experience at both the business
school and university levels,” Linzer said. “She is someone who has a
demonstrable record as both a scholar and as a leader in the field of
global business education.”
The Aon Center has earned an Energy Star qualification from the EPA. (Tribune photo by John Lee)
By Wailin Wong | Chicago has moved up in the U.S. Environmental Protection Agency’s annual ranking of U.S. metropolitan areas with energy efficient buildings, climbing to No. 5 in 2009 from No. 6 in 2008.
Chicago has 134 buildings that have earned an Energy Star qualification from the EPA, awarded to facilities that meet certain criteria on energy consumption and greenhouse gas emissions. Local buildings with this distinction include McDonald’s campus office building in Oak Brook, the Aon Center in Chicago and King Lab Magnet School in Evanston, the EPA said.
From the Romeoville Reporter | DeVry Inc., parent of DeVry University and other for-profit colleges, has moved its headquarters from Oakbrook Terrace to a new office building in Downers Grove. The company is located in Highland Landmark V building, 31st Street east of Highland Ave.
Get the full story: mysubrbanlife.com
DePaul University has elected Anne R. Pramaggiore, the president and COO of Commonwealth Edison, to its board of trustees. Pramaggiore graduated from DePaul in 1989 and became ComEd’s first female president in May 2009, stressing that she hoped to change the company: “From the day I started at ComEd, dealing with ambiguity from the ground up has been what I do. It’s the most challenging job I’ve ever had,” she told the Tribune at the time.
