PhD/PsyD Professional Schools Bankruptcy\Closings!

Discussion in 'Psychology [Psy.D. / Ph.D.]' started by OneNeuroDoctor, Jul 4, 2018.

  1. OneNeuroDoctor

    OneNeuroDoctor Clinical Neuropsychologist

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    Seems that EDMC is going bankrupt and many of the campuses are closing which included The Art Institute, Argosy University, and University of the South. Forrest Institute closed several years ago.

    While these have or are closing other professional programs are expanding or growing.

    A number of Osteopathy Medicine programs are starting PsyD programs beginning this fall and OKlahoma City University is starting a PsyD program where they will count your MS degree and you can finish in 3-4 years including Internship.

    Supposedly the President of EDMC resigned before the bankruptcy started and now programs are in various phases of closing or being bought by other schools. The Dream Center paid 60 million for some campuses and they are a non profit program that offers scholarships for homeless and underserved students to get GED, High School Diploma, and Higher Education.

    Sounds that other programs such as Walden and Fielding are losing students to all these new University and Medical School based PsyD programs.
     
    #1 OneNeuroDoctor, Jul 4, 2018
    Last edited: Jul 4, 2018
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  3. Temperance

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    For-profit school operator closing 30 campuses, including 3 in NC

    From a screenshot of the internal memo sent to employees earlier this week:

    If the new PsyD programs offer good training with better outcomes, then that might be an improvement overall for the field.
     
  4. WisNeuro

    WisNeuro Board Certified Neuropsychologist
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    Are they still going to saddle gullible students with 200k+ in debt with incomes that come nowhere near justification for such debt?
     
  5. Temperance

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    Good point. I was thinking more in line with the sub-50% APA-accredited internship match rates at some of the Argosy campuses, and whatever comes after can't be worse than that, right? Famous last words, I guess.
     
  6. WisNeuro

    WisNeuro Board Certified Neuropsychologist
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    In this new climate, we have to adjust our threshold for poor outcomes. Given the increase of accredited internship positions and the decrease in applicants, anything less than 85% is somewhat unacceptable. Also, they need to make up the income gap a bit for me to see it as an improvement, rather than a force that will just serve to drag salaries down as a whole in the field.
     
  7. smalltownpsych

    Psychologist

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    I guess the race to the bottom is on as these lower tier schools are unable to compete with the online doctorates...
     
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  8. super.ego

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    I'd blame the APA over the programs. You can't blame capitalists for being capitalists. But you can blame the APA for enabling them by not tightening accreditation standards.
     
  9. smalltownpsych

    Psychologist

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    I do. :nod:
     
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  10. OneNeuroDoctor

    OneNeuroDoctor Clinical Neuropsychologist

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    The new PsyD programs tuition are in the $800 to $900 per hour dollar range. Sounds like new student loan laws related to employability of graduates was the death blow to Argosy and their enrollment declined resulting in their stock plummeting. Apparently Dream Centers Foundation paid $60 Million for many of the programs and those programs aren’t part of the Bankruptcy. Many forget that Argosy initially was the Illinois School of Professional Psychology back in the 70’s with respectable graduates, but they expanded to many states and seem to have scandals over scandals hit the news resulting in a slippery downward slope.

    I wonder if Adler or the Chicago Institute will take over or buy their PSYD programs. What will happen to their current students? When Forest closed their remaining students were absorbed into the Union Institute and Regents University and received degrees from those programs.

    Ironically, many of these professional schools were thought to have negative influence affecting the Internship shortage crises. Now, only several years later there is a surplus of internships with 96% match this year.
     
    #9 OneNeuroDoctor, Jul 5, 2018
    Last edited: Jul 5, 2018
  11. PSYDR

    PSYDR Psychologist

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    How stupid do you have to be to bankrupt a company that only sells an intangible asset?
     
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  12. Therapist4Chnge

    Therapist4Chnge Neuropsych Ninja Faculty
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    Argosy campuses closing:
    Alameda, Denver, Salt Lake City, Dallas, San Diego, Ontario (CA), Nashville, Schaumburg, and Sarasota.

    I had no idea they had locations st half of these places. No idea which ones have psych programs, though I seem to recall San Diego has one. I think the Dallas location had students sue their program a couple years back for deceptive practices. Not sure about the rest.
     
  13. OneNeuroDoctor

    OneNeuroDoctor Clinical Neuropsychologist

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    Apparently The Dream Center Foundation, a Faith-Based non-profit bought the schools from EDMC for 60-Million and then EDMC filed for bankruptcy. The new owner is closing the schools and some of the PsyD program 6-7 will remain open for now. The ones listed will be closing. At one time EDMC had 91,000 students enrolled and was making Billions. Despite selling for 60 million they were around 300 million in debt. I wonder if any students get loan relief since their schools are closing and Argosy was making there Millions from money acquired via student loans.
     
    #12 OneNeuroDoctor, Jul 5, 2018
    Last edited: Jul 5, 2018
  14. sfgucadoc

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    Let's not forget that not all medical schools have to be nonprofit. There are some for-profit DO schools opening, maybe allopathic too. I wonder if some of these new PsyD programs are being started by the for-profit osteopathic schools as money makers the way Argosy metastasized across the country with their PsyD programs.

    As another poster mentioned, Argosy - Dallas was sued by their students for deceptive advertising. They claimed they were working toward APA accreditation and in fact were not. A colleague who does some bariatric evaluations with me was there and too far along in the program to try to move to another school once it became clear Argosy - Dallas was selling them a bill of goods. She was able to finally get licensed in TX but it's one of those states that makes it much harder if you don't have an APA degree and internship.
     
  15. CA_PsyD_FL_LMHC

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    Talked to an Argosy Alameda student today, and they were offered 50% tuition to complete their degree at another campus.

    They are getting an attorney.
     
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  17. TikiTorches

    Physician Gold Donor Classifieds Approved

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    So argosy chicago is still open?
    I do not know of for profit allopathic md schools
     
  18. TikiTorches

    Physician Gold Donor Classifieds Approved

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    Not sure what lawyer will be able to do
     
  19. CA_PsyD_FL_LMHC

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    Bring them a good martini? :pompous:
     
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  20. Sanman

    Sanman O.G.

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    A for-profit private corporation leaving students high and dry? I am shocked. Well at least the students didn't have to do a research assistantship. This seems easier and more conducive to complicated life circumstances, right?
     
  21. psych.meout

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    Don't forget that they also didn't have to move or be required to much of that icky research in their grad program.
     
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  22. OneNeuroDoctor

    OneNeuroDoctor Clinical Neuropsychologist

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    They have to have a plan approved for students to finish up either in one of the Argosy or another program through an agreement. Forest student graduated from Union or Regents when they closed.
     
  23. sfgucadoc

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    California Northstate University is a for-profit allopathic school. I think the only one in the US. There are ~ 2-3 osteopathic - Burrell in Las Cruces, Rocky Vista in Colorado that I know of.
     
  24. Sanman

    Sanman O.G.

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    That will still require a move and a lot of stress and may stop people who need to be working or have a family from completing the degree. I think it is only right for them to offer to do so. However, I am glad that this happened. Student loans have been propping up graduate schools in a number of fields (pharmacy, physical therapy, chiropractic, podiatry, etc) that have been irresponsible with letting students in for all the wrong reasons and pushing to extend master's level degrees into professional doctorates (PsyD, PharmD, DPT, etc). This machine has driven down salaries in several healthcare fields in recent years due to market saturation and grads being willing to accept pitiful salaries to make those student loan payments. This is further reinforced by students willing to take shortcuts into these fields and not being fully prepared at the other end. It is time for a bit of a market correction, IMO.
     
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  25. OneNeuroDoctor

    OneNeuroDoctor Clinical Neuropsychologist

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    A recent media release indicated that the Dream Center will allow transfer with 50% tuition reduction. They are closing program due to reallocation of on-site to online programs. The programs that are closing have had declining enrollment which must have resulted in the sale to Dream Center by EDMC because of drop in Stocks and severe debt. The Dream Center, being a non profit most likely has different regulations then EDMC had, so they can’t keep all the programs open that were not self- sufficient with current student, if enrollments were declining.

    The Dream Center bought EDMC programs for 60 million, but it is still somehow pending. EDMC filed Chapter 7 Bankrupty after the proposed sale with estimated 500 Million to 1 Billion in debt. It sounds that the sale to The Dream Center, a nonprofit and the EDMC Bankrupcy are tied to student loan scandals and that all students graduating from EDMC programs may have their student loans reduced or forgiven due to the ongoing class action lawsuits against EDMC. Seems odd that EDMC could have 1 billion in debt and sell for only 60 Million, unless this is somehow a settlement or bailout with the Federal Government to resolve the many lawsuits against EDMC.

    I believe all of the EDMC campuses were leased so closing of the campuses will open up a great deal of prime office space that could be or were leased for $50,000 to $100,000 per month by EDMC.

    The Dream Center, a non profit group with The Pentecostal Church called Four Square Church probably does not have to pay any taxes. It is based in Los Angelos and it sounds like they have a very wealthy bankroll.

    Supposedly faculty members are attempting to buy some of the programs/campuses from the Dream Center. The programs are all closing by December 31, 2018. My guess is due to uncertainty that students beginning in the fall at the programs remaining open are second guessing and thinking about reapplying to other doctorate programs next year.
     
    #23 OneNeuroDoctor, Jul 15, 2018 at 10:50 AM
    Last edited: Jul 15, 2018 at 11:37 AM

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