The Devry medical school business model works like this according to the attached article:
1. Sub-par med student is rejected by stateside medical schools.
2. Student can’t give up on the dream of becoming a doctor.
3. Student is accepted to one of DeVry’s carribean based med schools.
4. Student takes out huge amounts in federal loans even though the chance of working stateside as a doctor is only 20%
5. Federal loan funds go to DeVry’s bottom line.
6. The would-be doctor is saddled with massive debt, twice what one would have on average coming out of a stateside school.
7. Student gets degree from the non-accredited school and works as a flobotomist for $30/hour, while paying on $400,000 in debt.
8. Debt follows the student to the grave.
Surely these people are making their own bed. Once it became clear that their doctor dreams would likely remain dreams they should have come to terms with reality. It is the student’s fault that they pursued this debt ridden route. They buckled the ball and chain right around their own ankle.
However, this would never have happened in a true market economy. If loans were based on the prospect of being paid back at a reasonable rate of interest DeVry’s entire business model would not work. It is the easy credit, the dishonest money, that the federal government makes so abundant which creates the atmosphere needed to create this particular type of misery.
Adams, now 31, moved with his wife, Jessica, and their two young children to a two-bedroom apartment that smelled of dog urine and had a broken stove on the Dutch part of St. Maarten on Jan. 1. After financing his first two semesters with $67,000 in U.S. government-backed loans, Adams expects to leave medical school with as much as $400,000 in debt — and about a 20 percent chance of never practicing as a physician in the U.S.
”I understand that I am coming from behind a little bit, attending a Caribbean medical school,” Adams says, standing on his apartment’s terrace, watching sailboats glide by on the deep-blue waters of Simpson Bay Lagoon.