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January 24, 2011 11:00 AM Beyond Profit

By Daniel Luzer

Keiser University, the controversial for-profit college that in October tried to sue an administrator at a Florida state college for “colluding with opponents of for-profit colleges in a targeted smear campaign against the school” will now become a nonprofit institution.

According to a piece by Kelly Field in the Chronicle of Higher Education:

The sale of the university to Everglades College Inc., a nonprofit entity that operates Everglades University, was finalized this week, Keiser’s chancellor, Arthur Keiser, confirmed in an interview today. He would not disclose the sale price.
Mr. Keiser said the sale of Keiser University to the nonprofit corporation was designed to ensure the university’s survival after his death. But he hinted that the increased pressure on the for-profit sector also played a role in the decision to convert.

Arthur Keiser was very involved in opposing the Department of Education’s proposed gainful employment rule, which render for-profit schools ineligible for federal financial aid if average graduates need to spend more than 8 percent of starting salaries to pay off student loans. According to the article, Keiser said gainful employment was “bad policy ‘regardless of the tax status of the institution.’”

One wonders if he’ll be quite so concerned about “bad policy” moving forward.

Daniel Luzer is the news editor at Governing Magazine and former web editor of the Washington Monthly. Find him on Twitter: @Daniel_Luzer

Comments

  • Johnny on January 27, 2011 4:42 PM:

    since it is a non-profit shouldn't the price be published somewhere?

  • Stepped on for Speaking out on March 24, 2011 11:02 AM:

    T.W.I.S.M. The World is Mine....I see that you suffer from this sickness, Arthur Keiser. The Attorney General did not signal you out nor are they bias..They only responded to you and put you on the list to be investigated after you attacked a state school from which you assimilated your bylaws...You had the audacity to sue them? Don't you know that the Attorney General's office is the defense lawyer for the state?(but you need a brain for that) FSCJ is a state school...you brought it on your self, mouth of the south, deal with it..How is that store bought PhD working out for you now, genius? Pick a soft place to land humpty dumpty, that's a high wall you built. Take it like a man. My advice for you is to keep your mouth shut and go on a vacation..Your arrogance has blinded you, Bo....You wanted the lime light where it's all about you? Well now you have it, it's all about you now...All eyes on you...careful what you ask for superstar..Before you know it every household in America will know the Keiser name but not for the reason that you think...Wall Street can't help you now but hey, you have a house there too...What are you going to do when your wall street cronies hear of your impending doom? I'll tell you what, they are going to dump those shares and pull the plug on that unstable, volatile, big mouth, disconcerting, arrogant, ignorant man that they have for a partner in the south...They are going to cut and run and you are going to be on your own. Like now, they are not blogging, you are. You should have listened to that Army of lawyers that you have on retainer kind of like the one you had descend on me as an intimidation factor. You remember what they told you, right? Let me refresh your memory "SHUT UP"!! Silence speaks volumes of a man's intellect, Mr. PhD

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