And they could come down to millions of dollars in costs to whoever at the time owns the 79,000-student, predominantly online University of Phoenix, currently owned by Apollo Global Management.ĭespite the $500 million sum, Lefkowitz said he would guess Phoenix couldn’t expect more than $200 million as a purchase price considering its “diminished valuation.” Lefkowitz also cited the student borrowers’ unresolved claims, Phoenix’s regulatory problems and its huge decline in student enrollment - tens of thousands. That frankly complex issue comes down to five words: borrower defense to repayment claims. Lefkowitz said there’s another important factor in any purchase of the University of Phoenix, one of the nation’s largest online colleges. Lefkowitz, who is not involved in the UA System proposal, told the Times that “a lot of banks have lost tens or hundreds of millions of dollars” from such loans in the past. banks now decline to loan money to for-profits ,” explained Neil Lefkowitz, a Washington, D.C.-based attorney with expertise in college mergers and acquisitions. ![]() Paulson School of Engineering and Applied Sciencesĭean, Harvard Kennedy School of Governmentĭean, Harvard Graduate School of Educationĭean, Harvard T.H.Indeed, there’s a reason the UA System is looking beyond the United States for financing. Griffin Graduate School of Arts and Sciencesĭean, Harvard John A. Nothing today has changed that.Įxecutive Vice President, Harvard Universityĭean, Radcliffe Institute for Advanced Studyĭean, Division of Continuing Education and University Extensionĭean, Harvard Kenneth C. Your remarkable contributions to our community and the world drive Harvard’s distinction. To our students, faculty, staff, researchers, and alumni-past, present, and future-who call Harvard your home, please know that you are, and always will be, Harvard. Harvard will continue to be a vibrant community whose members come from all walks of life, all over the world. The heart of our extraordinary institution is its people. ![]() In the weeks and months ahead, drawing on the talent and expertise of our Harvard community, we will determine how to preserve, consistent with the Court’s new precedent, our essential values. Harvard must always be a place of opportunity, a place whose doors remain open to those to whom they had long been closed, a place where many will have the chance to live dreams their parents or grandparents could not have dreamed.įor almost a decade, Harvard has vigorously defended an admissions system that, as two federal courts ruled, fully complied with longstanding precedent.No part of what makes us who we are could ever be irrelevant. To prepare leaders for a complex world, Harvard must admit and educate a student body whose members reflect, and have lived, multiple facets of human experience.Because the teaching, learning, research, and creativity that bring progress and change require debate and disagreement, diversity and difference are essential to academic excellence.So too are the abiding values that have enabled us-and every great educational institution-to pursue the high calling of educating creative thinkers and bold leaders, of deepening human knowledge, and of promoting progress, justice, and human flourishing. That principle is as true and important today as it was yesterday. We write today to reaffirm the fundamental principle that deep and transformative teaching, learning, and research depend upon a community comprising people of many backgrounds, perspectives, and lived experiences. The Court also ruled that colleges and universities may consider in admissions decisions “an applicant’s discussion of how race affected his or her life, be it through discrimination, inspiration, or otherwise.” We will certainly comply with the Court’s decision. The Court held that Harvard College’s admissions system does not comply with the principles of the equal protection clause embodied in Title VI of the Civil Rights Act. President and Fellows of Harvard College. ![]() ![]() Today, the Supreme Court delivered its decision in Students for Fair Admissions v.
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