BANGALORE, July 1 (Reuters) - Prompted by a new federal rule, for-profit colleges such as University of Phoenix disclosed details of program graduation, placements and debt rates to prospective students in an effort to improve transparency.
The colleges’ disclosures were available on their websites on Friday -- the deadline set by the U.S. education department. They are also required to disclose the details on their promotional materials.
University of Phoenix operator Apollo Group uploaded on its website a 94-page ‘Consumer Information Guide.'
Corinthian Colleges released a 256-page document for its Everest colleges and a 35-page document for its Heald colleges.
Others such as Strayer Education , ITT Education and DeVry disclosed the details based on either their program offerings or campuses.
The colleges revealed these details as part of the new ‘gainful employment’ rule finalized by the U.S. education department in June and which threatens to cut off federal aid to colleges.
The rule is part of a larger package of regulations framed by the Obama administration to reduce student debt at for-profit colleges and make them more accountable for the taxpayers money they get to fund student loans.
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The documents disclose details in five areas - identifying the occupations for which the program is preparing students, how many students complete each of the courses offered, total cost of the program, placement rate and debt figures of ex-students who graduated from the program.
From Friday, the colleges will also start giving a notice to the department before they launch a new program.
Reporting by A. Ananthalakshmi in Bangalore; Editing by Sriraj Kalluvila firstname.lastname@example.org; within US +1 646 223 8780; outside U.S +91 80 4135 5800; Reuters Messaging: email@example.com