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"High-Profile Trader's Harsh Critique of For-Profit Colleges Steven Eisman, the Wall Street trader who was mythologized in Michael Lewis's The Big Short as that rare person who saw the subprime mortgage crisis coming and made a killing as a result, thinks he has seen the next big explosive and exploitative financial industry -- for-profit higher education -- and he's making sure as many people as possible know it. In a speech Wednesday at the Ira Sohn Investment Research Conference, an exclusive gathering at which financial analysts who rarely share their insights publicly are encouraged to dish their "best investment ideas," Eisman started off with a broadside against Wall Street's college companies. "Until recently, I thought that there would never again be an opportunity to be involved with an industry as socially destructive and morally bankrupt as the subprime mortgage industry," said Eisman, of FrontPoint Financial Services Fund. "I was wrong. The For-Profit Education Industry has proven equal to the task." Eisman's speech lays out his analysis of the sector's enormous profitability and its questionable quality, then argues that the colleges' business model is about to be radically transformed by the Obama administration's plan to hold the institutions accountable for the student-debt-to-income ratio of their graduates. "Under gainful employment, most of the companies still have high operating margins relative to other industries," Eisman said. "They are just less profitable and significantly overvalued. Downside risk could be as high as 50 percent. And let me add that I hope that gainful employment is just the beginning. Hopefully, the DOE will be looking into ways of improving accreditation and of ways to tighten rules on defaults." Stocks of the companies appeared to fall briefly in the last hour of trading Wednesday, after news of Eisman's speech made the rounds."

"January 2, 2011 6 Top Smartphone Apps to Improve Teaching, Research, and Your Life Academics describe going mobile to plan lectures, keep up with scholarship, and run classes "I used to use a piece of paper" for taking attendance in class, says David M. Reed, a computer-science professor at Capital U., but he kept losing the sheet. The smartphone app that he wrote to do the job has gained him about $20,000 on the iTunes store. By Jeffrey R. Young Not long ago, it seemed absurd for aca­demics to carry around a computer, camera, and GPS device every­where they went. Actually, it still seems absurd. But many professors (and administrators) now do just that in the form of all-in-one devices. Smartphones or tablet computers combine many functions in a hand-held gadget, and some users are discovering clever ways to teach and do research with the ubiquitous machines. For many on campus, checking e-mail on the go is the first killer app of the hand-held world. The downside: Having that ability can mean working more than ever-answering student e-mails while in line at the grocery store, responding to a journal editor during lunch. There can be benefits, though. Some professors say they find that carrying the Inter­net in their pocket helps them collaborate, teach, and collect data in new ways that include e-mail but go far beyond it. A handful of colleges are running expensive pilot projects in which they give out iPhones or iPads to students and professors to see what happens when everyone goes mobile. Some of the most innovative applications for hand-held devices, however, have come from professors working on their own. They find ways to adapt popular smartphone software to the classroom setting, or even write their own code. That's what I discovered when I put out a call on Twitter, as well as to a major e-mail list of college public-relations officers, asking about the areas in which professors and college officials are making the most of their mobile device

"As Wikipedia Turns 10, It Focuses on Ways to Improve Student Learning January 14, 2011, 6:48 pm By Tushar Rae As Wikipedia hits its 10th year of operation, it is making efforts to involve academics more closely in its process. The latest is a new plan to build an "open educational resource platform" that will gather tools about teaching with Wikipedia in the classroom. Rodney Dunican, education programs manager for Wikimedia, Wikipedia's parent company, is part of the team working to build the platform, which he said will highlight the ways in which Wikipedia can be used to improve student learning. "We don't want them to cite Wikipedia," he said of students. "What we really want them to do is understand how to use and critically evaluate the articles on Wikipedia and then learn how to contribute to make those articles better." Mr. Dunican recently visited Louisiana State University, whose "communication across the curriculum" effort seeks to generate teaching tools and content, and then take those to professors in various disciplines who might be interested in using them. "One of the things we are doing at LSU is looking at how we can institutionalize the curriculum around Wikipedia," Mr. Dunican said. For the 2010-11 academic year, Wikimedia also launched the national Public Policy Initiative to recruit professors who would like their students to add content to the anyone-can-edit encyclopedia as part of the curriculum. The project focused on improving and increasing the content in the area of public policy and developing a model for using Wikipedia as a teaching tool. "We have some very good results this last semester," Mr. Dunican said. "We have shown that it is possible to include Wikipedia in the classroom to engage students in the learning process.""

"January 16, 2011 Financial Outlook Is Brighter for Some Colleges, but Still Negative for Most By Scott Carlson Moody's Investors Service says the outlook for a relatively small number of well-managed, diversified colleges looks stable in 2011, an upgrade from the negative forecasts that the credit-rating agency has given higher education over the past couple of years. In its latest outlook report, however, Moody's maintains a negative outlook for the majority of higher-education institutions, which it says are too dependent on tuition, auxiliary income, and state support. The Moody's report, "2011 Outlook for U.S. Higher Education," which will be available from the company to its subscribers this week, highlights a widening gap between have and have-not colleges. "This outlook speaks to the fact that the strong continue to get stronger," said Kimberly Tuby, a vice president and senior analyst at Moody's who is the author of the report. Institutions that already have large, well-established research programs and strong philanthropic support are pulling through the economic downturn relatively well, she said. The strongest institutions are in top demand and have fingers in a number of business lines. Meanwhile, the weakest institutions-which draw students from a regional base and lack diversity in business lines-could still be endangered. Those institutions are generally small or mid-sized and do not have a robust fund-raising capacity. "We could see some of those merging or being absorbed by larger institutions, or even going out of business," Ms. Tuby said. The report points to three "critical credit factors" that drive the 2011 outlook for colleges: * "Weakened prospects for net tuition growth" because of a market preference for low-cost or high-reputation competitors. * "Differing degrees of pressure on nontuition revenues," such as philanthropy or research money. * A "need for stronger management of operating costs, balance-sheet risks, a

"Google to Dip Into Ed. App. Market By Katie Ash on January 4, 2011 5:53 PM | No comments | No recommendations An article on Bloomberg Businessweek reports that Google execs are currently in talks with education software companies about creating educational apps to be featured in Google Apps Marketplace, an online store that opened in March. Education software sales in K-12 and higher ed raked in about $4.6 billion in 2009, according to the article, and Google, which typically makes its profit from search advertising, is hoping to cash in on some of that revenue stream. Google already offers free apps, such as e-mail, word processing, and spreadsheets, to educators, so hooking up the Mountain View, Calif.-based company's 10 million users in schools with educational software apps could be a natural fit, says Google's business development manager for education, Obadiah Greenberg, in the article. For now, most of the software companies that create apps for the Google Apps Marketplace collect all the profit from sales through the site, but in the coming months, Google plans to begin taking about a 20 percent cut of the revenue, the article said."

"Speeding Toward a Slowdown? November 16, 2010 Online college enrollments grew by 21 percent to 5.6 million last fall, the biggest percentage increase in several years, according to a report released today by the Sloan Consortium and the Babson Survey Research Group. At the same time, the authors say online growth might begin to slow down in the near future, as the biggest drivers of enrollment growth face budget challenges and stricter recruitment oversight from the federal government. Nearly one million more students took an online course in fall 2009 than in the previous year, according to the new survey, which drew responses from 2,583 academic leaders at both nonprofit and for-profit institutions across the country. That is the biggest numerical increase in the eight-year history of the report, and the largest proportional increase (21.1 percent) since 2005. Online enrollments have grown at more than nine times the rate of general enrollment since 2002. Almost a third of all college students in the country take at least one course online. The conventional wisdom has been that the economic crisis has spurred at least some of that growth, as adults looking to increase their job prospects have gone back to school for a new degree. Three-quarters of the institutions surveyed said the recession drove interest in their online programs. In the year since Sloan administered its survey, there has been more talk of online enrollment growth as a strategy for making up for shrinking state allocations at public university systems - especially in places like California, where some think a massive online expansion could lift the state university system out of financial ruin, and Minnesota, where possible Republican presidential challenger Gov. Tim Pawlenty has made the idea of less-expensive online public higher education one of his talking points. But Jeff Seaman, co-director of the Babson Survey Research Group and co-author of the new Sloan survey, says that shrinkin

"November 28, 2010 New Social Software Tries to Make Studying Feel Like Facebook Brittany Robertson, a junior at Purdue U., uses Mixable, note-and-coursework-sharing software that works with Facebook, because it easily lets her shift from socializing to studying. By Marc Parry and Jeffrey R. Young Students live on Facebook. So study tools that act like social networks should be student magnets-and maybe even have an academic benefit. At least that's the idea behind a new crop of Web services sprouting up across higher education. Colleges, entrepreneurs, and publishers, all drawn by the buzz of social media, are competing to market software that makes sharing class notes or collaborating on calculus problems as simple as updating your Facebook status. "Our mission is to make the world one big study group," says Phil Hill, chief executive of OpenStudy, a social-learning site that started as a project of Emory University and Georgia Tech. It opened to the public in September. Many of the social-learning sites are, like OpenStudy, for-profit companies-or at least they aspire to be once their services take off. And some of their business plans rely on a controversial practice: paying students for their notes. The big question facing all of these sites-a group that includes Mixable, from Purdue University, and GradeGuru, from McGraw-Hill-is whether students are really interested in social learning online. Another quandary: If students profit from selling their notes, are they infringing on a college's or a professor's copyright? And while the sites are not part of the seamy world of exam or term-paper vendors, what happens if some users post answers to tests? One service has already failed to mix Facebook with studies. In 2008 a company called Inigral closed its Facebook "Courses" application, which had allowed students to view who was in their classes, start discussions, and get notified of assignments. "We found that Facebook was not a popular place to e

"Students finding cheaper ways to get college degrees By Christopher Magan, Staff Writer Updated 8:49 PM Sunday, November 28, 2010 Ohio students pursuing alternative paths to obtaining degrees saved millions of dollars last year while helping colleges and universities across the state increase enrollment 3.9 percent. A study by the Ohio Board of Regents found that the number of transfer students and online enrollments significantly increased last year, with a 21 percent growth in transfers between state schools and a 25 percent increase in "distance learning" - students attending classes online or outside the traditional classroom. More than half of new students enrolled last year in Ohio - a total of 263,116 - attend community colleges and branch campuses. By transferring credits from these less expensive institutions to four-year universities, Ohio students and their families saved $20 million last year, or an average of more than $550 per student. Eric Fingerhut, chancellor of the Ohio Board of Regents, said committing to more low-cost college pathways is key to the state's strategic plan. Most local colleges saw gains in one or both types of students. "

"Online Learning in the Virginia Community College System By: Shanna Smith Jaggars & Di Xu - September 2010. In January 2001, the Virginia Community College System (VCCS) released a distance learning strategic plan that endorsed taking a student-centered approach to online learning as well as providing support services to promote faculty development and student success. The current study was commissioned by VCCS to investigate student outcomes for the 2004 student cohort by examining: (1) patterns of online course taking among Virginia community college students; (2) college-ready and underprepared students' retention and performance in online versus face-to-face courses; and (3) subsequent educational outcomes for underprepared and college-ready students who participate in online learning. Results indicate that nearly half of Virginia community college students enrolled in an online course across the period of study, with online enrollments increasing dramatically over four years. However, few students enrolled in an entirely online curriculum in a given term, even by the time the study concluded in 2008. In general, students with stronger academic preparation were more likely to enroll in online courses. Regardless of their initial level of preparation, however, students were more likely to fail or withdraw from online courses than from face-to-face courses. In addition, students who took online coursework in early semesters were slightly less likely to return to school in subsequent semesters, and students who took a higher proportion of credits online were slightly less likely to attain an educational award or transfer to a four-year institution. Additional analyses with a new cohort of students entering in 2008 were consistent with the results of the 2004 cohort."

"Ditching a Textbook: An Update January 10, 2011, 11:00 am By Amy Cavender Back in July, I wrote about an experiment I was planning in my two Political Issues sections. I'd opted to try this for a number of reasons: (1) I was dissatisfied with the standard readers available, as they tend to present issues in binary fashion, and real-world issues are seldom that simple. (2) I wanted to be able to take up much more recent issues than I could if I relied on textbooks (it takes too long for things to get into print). (3) I wanted students to help determine the topics for the course, and to develop their skills in locating good sources to help them develop their thinking on issues of interest to them. (4) I wanted to reduce costs for students. So, last semester, I used only one primary textbook: Glenn Tinder's Political Thinking: The Perennial Questions (the writing-intensive section also made use of Muriel G. Harris' Prentice Hall Reference Guide). I've yet to find a good substitute for that particular book; it frames the underlying questions of politics nicely, and I wanted my students to have that background as they thought about contemporary issues. For the contemporary issues themselves, though, I started off by selecting a few myself (e.g., technology and privacy, technology and civic discourse, immigration), and showing students the kinds of resources they might be able to find. Then, for the latter part of the course, they chose the issues, found sources, and shared them in the class Zotero library. Working in teams or as individuals (depending on which section they were in), they were then responsible for running a class session and assigning readings for that session. So, how did it work out? Well, I've got some tweaking to do. In the future, I need to provide more guidance on evaluating and using sources (bearing in mind that the overwhelming majority of students in Political Issues are first-years). To accomplish that I may need to drop some of

"$2-Billion Federal Program Could Be 'Windfall' for Open Online Learning January 22, 2011, 9:49 am By Marc Parry Online learning enthusiasts could get a windfall of federal money under a $2-billion grant program that the Obama Administration described on Thursday. But how big the windfall will be-if it comes at all-remains unclear. One thing is for sure: The four-year program, designed to expand job training at community colleges, signals a major endorsement of the movement to freely share learning materials on the Internet. That movement took hold a decade ago with MIT's plan to publish free online syllabi, lecture notes, and other content from all of its courses. With this program, run by the Labor Department, parts of the federal government are now embracing MIT's radical idea as official policy-dangling what could be an unprecedented amount of money for more open courses. "With $500-million available this year, this is easily one of the largest federal investments in open educational resources in history," U.S. Education Secretary Arne Duncan said in a statement e-mailed to The Chronicle. Mr. Duncan's agency is working with the Labor Department on the program. So what specific tech goodies might the government invest in with all that money? Official announcements from the Labor Department and White House were short on details. But here's what we can glean from a close look at the 53-page document that lays out the grant guidelines: The Obama administration is encouraging the development of high-quality immersive online-learning environments. It suggests courses with simulations, with constant feedback, and with interactive software that can tailor instruction and tutoring to individual students. It likes courses that students can use to teach themselves. And it demands open access to everything: "All online and technology-enabled courses must permit free public use and distribution, including the ability to re-use course modules, vi

"January 30, 2011 'Facebook of Science' Seeks to Reshape Peer Review By Colin Macilwain Vitek Tracz is a risk-taker. He put his money into open-access publishing when free Internet journals seemed like a long shot. "Everybody promised me that open access would not succeed," recalls the scientific publisher. "They said I would go bankrupt. I thought there was a very high chance of that, myself. But it now turns out to be significantly profitable." Two years ago he sold his BioMed Central publications-there are now about 200 of them-to Berlin-based Springer for an undisclosed sum, thought to be in the region of $50-million. Now, the man described by his colleagues as one of the most innovative and mercurial forces in publishing wants to reinvent the basics of scholarly communication. Mr. Tracz plans to turn his latest Internet experiment, a large network of leading scientists called the Faculty of 1000, into what some call "the Facebook of science" and a force that will change the nature of peer review. His vision is to transform papers from one-shot events owned by publishers into evolving discussions among those researchers, authors, and readers."

"$2-Billion Federal Program Could Be 'Windfall' for Open Online Learning January 22, 2011, 9:49 am By Marc Parry Online learning enthusiasts could get a windfall of federal money under a $2-billion grant program that the Obama Administration described on Thursday. But how big the windfall will be-if it comes at all-remains unclear. One thing is for sure: The four-year program, designed to expand job training at community colleges, signals a major endorsement of the movement to freely share learning materials on the Internet. That movement took hold a decade ago with MIT's plan to publish free online syllabi, lecture notes, and other content from all of its courses. With this program, run by the Labor Department, parts of the federal government are now embracing MIT's radical idea as official policy-dangling what could be an unprecedented amount of money for more open courses. "With $500-million available this year, this is easily one of the largest federal investments in open educational resources in history," U.S. Education Secretary Arne Duncan said in a statement e-mailed to The Chronicle. Mr. Duncan's agency is working with the Labor Department on the program. So what specific tech goodies might the government invest in with all that money? Official announcements from the Labor Department and White House were short on details. But here's what we can glean from a close look at the 53-page document that lays out the grant guidelines: The Obama administration is encouraging the development of high-quality immersive online-learning environments. It suggests courses with simulations, with constant feedback, and with interactive software that can tailor instruction and tutoring to individual students. It likes courses that students can use to teach themselves. And it demands open access to everything: "All online and technology-enabled courses must permit free public use and distribution, including the ability to re-use course modules, vi

"Adapting to Developmental Ed March 10, 2011 With public higher education systems under political pressure to increase completion rates, and foundations offering grants to colleges that are using new technologies to help usher students through to a degree, education technology companies are seeing a ripe market of potential buyers for new e-learning products - in particular, software aimed at high school graduates who lack the basic reading, writing, and math skills to succeed at the college level. Technology geared toward helping students "catch up" has been around for a while, but only recently has it achieved a potentially game-changing level of sophistication, according to Carol Twigg, president of the National Center for Academic Transformation. "These products that 10 years ago were sort of iffy, at best, have now become remarkably mature and high quality products," she says. And while public higher ed systems are seeing their budgets cut, developmental education is in such bad shape that many colleges are prepared to spend - often with foundation support - on products they think could help bring them more in line with state and national completion goals. There are many contracts to be won, Twigg says. The education tech industry is responding by mobilizing teams to tweak and re-brand existing software for the developmental market and begin developing new products to sell to desperate colleges. Most companies are offering variations on a theme: "adaptive" technology that learns the strengths and weaknesses of individual students and tailors its tutorials to address their needs. Unlike a traditional sequence of instructions in a learning exercise, adaptive software adjusts to how well a student appears to understand different concepts. If a student struggles to learn a skill when it is presented one way, the software will detect her confusion and present it another way. The model is highly individualized instruction, without the many instr

"June 12, 2011 In Follow-Up, 'Academically Adrift' Students Show Worrisome Levels of Debt and Joblessness, Author Says By Scott Carlson Some people have been talking about a bubble in higher education. Richard Arum, a professor of sociology and education at New York University, doesn't quite buy it. But he did tell a room of college administrators here that higher education was going through a sea change: Once upon a time, if you took the financial risk of getting a college degree, no matter your major, you would do extremely well in life, compared to someone with only a high-school degree. Times have changed, he said. "It's not that college degrees aren't worthwhile," but the returns are diminished, he said. "After 2008, "you can't be so sure that the college credential, waving that paper in the air, is enough to give you the job that is going to pay enough that it didn't matter how many loans you took out." Mr. Arum appeared here at the Summer Seminar, a conference put on by the Lawlor Group and Hardwick-Day, two higher-education consulting firms based in the Twin Cities, to discuss the book he wrote with Josipa Roksa, Academically Adrift: Limited Learning on College Campuses (University of Chicago Press, 2011). By now, most academics are familiar with the book and its provocative thesis: Students, the authors contend, spend a great deal of time socializing and relatively less time studying effectively. As a result, they don't seem to be learning as much as we might like to think they are, despite the high grades many have. "They might not hand out A's on college campuses like they're candy," he said, "but we hand out B's like they are candy. You've got to really work today to get something below a B." The book represents the work the researchers did in tracking through their first two years of college 2,300 students who entered 24 representative four-year institutions in the fall of 2005. "By the time the book came out, we had data not just on the first tw

"If Engineers Were to Rethink Higher Ed's Future September 27, 2011, 10:27 pm By Jeffrey Selingo Atlanta - Walk into a college president's office these days, and you'll probably find a degree hanging on the wall from one of three academic disciplines: education, social sciences, or the humanities and fine arts. Some 70 percent of college leaders completed their studies in one of those fields, according to the American Council on Education. You're unlikely to discover many engineering degrees. Just 2 percent of college presidents are engineers. Yet, when we think of solving complex problems, we normally turn to engineers to help us figure out solutions. And higher education right now is facing some tough issues: rising costs; low completion rates; and delivery systems, curricula, and teaching methods that show their age. So what if engineers tackled those problems using their reasoning skills and tested various solutions through simulations? Perhaps then we would truly design a university of the future. That's the basic idea behind Georgia Tech's new Center for 21st Century Universities. The center is officially described as a "living laboratory for fundamental change in higher education," but its director, Rich DeMillo, describes it in terms we can all understand: higher education's version of the Silicon Valley "garage." DeMillo knows that concept well, having come from Hewlett-Packard, where he was chief technology officer (he's also a former Georgia Tech dean). Applying the garage mentality to innovation in higher ed is an intriguing concept, and as DeMillo described it to me over breakfast on Georgia Tech's Atlanta campus on Tuesday, I realized how few college leaders adopt its principles. Take, for example, a university's strategic plan. Such documents come and go with presidents, and the proposals in every new one are rarely tested in small ways before leaders try to scale them across the campus. After all, presidents have l

"Get Out While You Can August 19, 2011 By James D. Miller Tenure won't save us from a higher education collapse. Start making alternative career contingency plans now because this collapse could be sudden and catastrophic."

"April 3, 2011 A Perfect Storm in Undergraduate Education, Part 2 By Thomas H. Benton What is keeping undergraduates from learning? Last month, I speculated from my perspective as a college teacher about a set of interlocking factors that have contributed to the problem. In that column (The Chronicle, February 25), I referred to the alarming data presented by Richard Arum and Josipa Roksa in Academically Adrift: Limited Learning on College Campuses (University of Chicago Press, 2011) in the context of President Obama's call for more students to attend college in order to prepare for the economy of the future. Why, I asked, should we send more students to college-at an ever greater cost-when more than a third of them, according to Arum and Roksa, demonstrate "no improvement in critical thinking, complex reasoning, and writing skills" after four years of education? This month I want to speculate on why students (and, to a lesser extent, their parents) are not making choices that support educational success. What could they possibly be thinking? The student as consumer. Surely adolescent expectations of Animal House debaucheries have been with us since the decline of college as preparation for the ministry. But, in the past few generations, the imagery and rhetoric of academic marketing have cultivated a belief that college will be, if not decadent, at least primarily recreational: social activities, sporting events, and travel. Along the way, there may be some elective cultural enrichment and surely some preprofessional training and internships, the result of which will be access to middle-class careers. College brochures and Web sites may mention academic rankings, but students probably won't read anything about expectations of rigor and hard work: On the contrary, "world-renowned professors" will provide you with a "world-class education." Increasingly, students are buying an "experience" instead of earning an education, and, in the competition to attract cu

"July 10, 2011 A College Education for All, Free and Online By Kevin Carey All around the world, people have been waiting for someone like Shai Reshef to come along. Reshef is the founder and president of the University of the People, a tuition-free online institution that enrolled its first class of students in 2009. UoPeople strives to serve the vast numbers of students who have no access to traditional higher education. Some can't afford it, or they live in countries where there are simply no good colleges to attend. Others live in rural areas, or identify with a culture, an ethnicity, or a gender that is excluded from public services. UoPeople students pay an application fee of between $10 and $50 and must have a high-school diploma and be proficient in English. There are also small fees for grading final exams. Otherwise, it's free. The university takes advantage of the growing body of free, open-access resources available online. Reshef made his fortune building for-profit higher-education businesses during the rise of the Internet, and he noticed a new culture of collaboration developing among young people who grew up in a wired world. So UoPeople relies heavily on peer-to-peer learning that takes place within a highly structured curriculum developed in part by volunteers. The university plans to award associate and bachelor's degrees, and it is now seeking American accreditation. Rather than deploy the most sophisticated and expensive technology, UoPeople keeps it simple-everything happens asynchronously, in text only. As long as students can connect their laptops or mobile devices to a telecommunications network, somewhere, they can study and learn. For most of humanity, this is the only viable way to get access to higher education. When the university polled students about why they had enrolled, the top answer was, "What other choice do I have?" Some observers have wondered how effective such an unorthodox learning model can be. But UoPeople's tw

I wonder how the University of the People will evolve compared to the fledgling Open Educational Resources University that is being founded by a few key institutions around the world. OERU has its business model roots in Web 2.0 as the foundation for collaboration. A group within OERU is also participating in Ray Schroeder's EduMOOC. For more info on OERU see http://wikieducator.org/images/c/c2/Report_OERU-Final-version.pdf

"July 1, 2011 As Costs of New Rule Are Felt, Colleges Rethink Online Course Offerings in Other States By Kelly Field Bismarck State College, a two-year institution located in the capital of North Dakota, offers something few colleges do: online degrees in power-plant technology. Utilities across the country send workers to the community college for specialized training in electric power, nuclear power, and other fields. "We're pretty darn unique," said Larry C. Skogen, the college's president. "I don't think we have any competition out there." Though other colleges offer similar programs on campus, "we deliver nationwide online," he said, with students in all 50 states. That could change soon. Under federal rules that take effect on July 1, Bismarck State will have to seek approval to operate in every state where it enrolls students, or forgo those students' federal aid. With some states charging thousands of dollars per application, the college is weighing whether it can afford to remain in states where the cost of doing business outweighs the benefits, in tuition terms. Though the college hasn't made any decisions yet, "the reality is that if we run into a state where we have few students and it's expensive [to get approval], it's probably not going to be cost-effective to continue," Mr. Skogen said. Such cost-benefit calculations are being conducted on campuses across the country, as college leaders struggle to make sense of a patchwork of state rules that were written in an era when "college" was synonymous with "campus" and online learning was in its infancy. Gregory Ferenbach, a lawyer who advises colleges on regulatory compliance, said he has heard from a "couple dozen" colleges, most of them nonprofits, that are considering withdrawing from some states because of the cost or burden of obtaining approval. Their decisions could have a significant effect on college access. If enough colleges steer clear of states with expensive approval processes, or s