End of an Era

We extend our deepest gratitude to the many courageous voices who have contributed to the Higher Education Inquirer over the years. Through research, reporting, whistleblowing, analysis, and public service, you have exposed inequities, challenged powerful interests, and helped the public understand the realities of higher education.

Special thanks to:
Bryan Alexander (Future Trends Forum), Lisa Bannon (Wall Street Journal), Joe Berry (Higher Education Labor United), Stephen Burd (New America), Ann Bowers (Debt Collective), James Michael Brodie (Black and Gold Project Foundation), Patrick Campbell (Vets Ed Brief), Richard Cannon (activist), Kirk Carapezza (WGBH), Kevin L. Clay (Rutgers), Randall Collins (UPenn), Cory Doctorow, William Domhoff (UC Santa Cruz), Ruxandra Dumitriu, Keil Dumsch, Garrett Fitzgerald (College Recon), Glen Ford (with the ancestors), Richard Fossey (Condemned to Debt), Erica Gallagher (2U Whistleblower), Cliff Gibson III (Gibson & Keith), Henry Giroux (McMaster University), Terri Givens (University of British Columbia), Luke Goldstein (The Lever),  Nathan Grawe (Carleton College), Michael Green (UNLV), Michael Hainline (Restore the GI Bill for Veterans), Debra Hale Shelton (Arkansas Times), Stephanie M. Hall (education writer),  David Halperin (Republic Report), Bill Harrington (Croatan Institute), Phil Hill (On EdTech), Robert Jensen (UT Austin), Seth Kahn (WCUP), Hank Kalet (Rutgers), Ben Kaufman (Protect Borrowers), Robert Kelchen (University of Tennessee), Karen Kelsky (The Professor Is In), Neil Kraus (UWRF), LACCD Whistleblower, Michelle Lee (whistleblower), Wendy Lynne Lee (Bloomsburg University of PA), Emmanuel Legeard (whistleblower), Adam Looney (University of Utah), Alec MacGillis (ProPublica), Jon Marcus (Hechinger Report), Steven Mintz (University of Texas), John D. Murphy (Mission Forsaken), Annelise Orleck (Dartmouth), Margaret Kimberly (Black Agenda Report), Austin Longhorn (UT student loan debt whistleblower), Richard Pollock (journalist), Debbi Potts (whistleblower), Jack Metzger (Roosevelt University), Derek Newton (The Cheat Sheet), Jeff Pooley (Annenberg Center), Chris Quintana (USA Today), Jennifer Reed (University of Akron), Kevin Richert (Idaho Education News), Gary Roth (Rutgers-Newark), Mark Salisbury (TuitionFit), Stephanie Saul (NY Times), Christopher Serbagi (Serbagi Law), Alex Shebanow  (Fail State), Bob Shireman (TCF), Bill Skimmyhorn (William & Mary), Peter Simi (Chapman University), Gary Stocker (College Viability), Strelnikov, Taylor Swaak (Chronicle of Higher Education), Theresa Sweet (Sweet v Cardona), Harry Targ (Purdue University), Moe Tkacik (American Prospect),  Kim Tran (activist), Mark Twain Jr. (business insider), Michael Vasquez (The Tributary), Marina Vujnovic (Monmouth), Richard Wolff (Economic Update), Helena Worthen (Higher Ed Labor United), DW (South American Correspondent), Heidi Weber (Whistleblower Revolution), government officials who have supported transparency and accountability, and the countless other educators, researchers, whistleblowers, advocates, and public servants whose work strengthens our understanding of higher education.

Together, you form a resilient network of knowledge, courage, and public service, showing that collective insight can illuminate even the most entrenched systems. Your dedication has been, and continues to be, invaluable.

Dahn Shaulis and Glen McGhee

Grace of Import-Replacing Inbox (Schumacher Center for a New Economics)

 

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Jane Jacobs in Washington Square Park, New York, 1963. Photograph: Fred W McDarrah  The 45th Annual Schumacher Lectures with Samantha Power and Tyler Wakefield were described as a watershed event for the re-emergence of the Bioregional Movement. Once edited the video will be posted for all to view.   Continuing with our attention to the subject of regional economies, we share this 2010 essay by Susan Witt.  It was written for the book What We See: Advancing the Observations of Jane Jacobs, New Village Press. Jane Jacobs served as a beloved mentor to the BerkShares Local Currency project, but sadly passed in April of 2006 just before the currency went into circulation. The Grace of Import Replacement by Susan Witt What I first noticed about Jane Jacobs was the power, breadth, and mobility of her intellect. Only later did I recognize the equally great warmth of spirit that informed her thinking and turned it to a force of change. She stands as one of the most visionary economic thinkers of the last part of the twentieth century. Her intellect was breathtaking. I first heard her speak at her 1983 Annual E. F. Schumacher Lecture “The Economy of Regions.” From the podium at Mount Holyoke College she painted an image of regional economies in which myriad small industries produce for regional markets—small industries that depend on local materials, local labor, local capital, local transport systems, and appropriately scaled technology to conduct business. She pictured the fruits of this regional industry spilling over to support a rich cultural life in the city at the hub of the region. This bustling creative energy would then foster new innovation and industry, filling in the “niches” of the economy. The products of a regional economy would be particular to it, using the woods and stones found there—cherry tables, white cedar decks, and granite steps. The choices in the marketplace would vary with the seasons—eagerly anticipated summer berries, autumn apples, the new maple syrup in February, and spring garlic and parsnips. The diversity of products would require a diversity of workers with a diversity of skills, all part of a face-to-face economy of place with its multiple sidewalk contacts “from which a city’s wealth of public life may grow.” Citizens would have direct knowledge of working conditions in offices and factories and home industries; they would see the results of manufacturing practices on hillsides, fields, and rivers. Landowner, banker, shop keeper, entrepreneur, laborer, secretary, teacher, craftsman, and government official would sing together in the community choir, carpool one another’s children to school, and meet at the farmers’ market. They would see the complexity that shapes the regional economy, understand its various elements, remain accountable to each other in maintaining the web of connections that sustains it. Practiced conservationists, they would recognize the necessity of protecting and renewing the natural resources that form the basis of their economy. Yes, there would be products exported to other regions—but only the excess, and in moderation. Yes, there would be imports for their variety, exoticness, their sweet breath of other cultures and places. But at the core of these robust and vital regional economies would be the capacity to meet the economic, social, and cultural needs of the people of the region from within the region, not in a spirit of isolationism but in a spirit of self-determination and with the hope that other regions could achieve similar economic independence. In such a scenario the wealth of one region would not depend on exploiting the natural and human wealth of other regions. Jacobs believed that the best way to achieve such sustainable economies is to examine what is now imported into a region and develop the conditions to produce those goods from local resources with local labor. She referred to this process as “import replacing.” By contrast, the typical economic development model is for a city to use tax credits and other incentives to lure the branch of a multi-national corporation into its environs. Yet without deep roots in the local economy and local community, the same corporation might suddenly leave the area, driven by moody fluctuations in the global economy, and abandon workers and families. Building a regional economic development strategy based on import replacement will require appropriately scaled economic institutions to meet the needs of the local businesses. The elements of any economic system are land, labor, and capital: land and other natural resources are the basis of all production; labor transforms the raw materials into products; and capital organizes the labor and facilitates distribution of the goods. New import replacement businesses will require:  affordable access to land on which to locate the enterprise and gather the raw materials used in production;  capital in amounts and on terms tailored to the business;  a trained, engaged, and supported work force. How a society shapes its institutions for land, labor, and capital will determine if it can meet these requirements. These regionally based economic institutions will not be government driven.  Rather they will be undertaken by free associations of consumers and producers working cooperatively, sharing the risk of building an economy that reflects shared culture and shared values. Small in scale, transparent in structure, designed to profit the community rather than to profit from it, they can help facilitate a community’s desire for safe and fair working conditions; for production practices that keep air, soil, and water clean, renew natural resources rather than deplete them; for innovation in the making and distribution of food, clothing, shelter, and energy; and for a more equitable distribution of wealth. The essay continues with examples of citizen driven tools to galvanize the regional economies imagined by Jane Jacobs. Read more here. Warm wishes, Staff of the Schumacher Center Share this newsletter:  on Facebook on Twitter forward to a friend

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Pigs on Parade: The University of Phoenix IPO

Apollo Global Management and Vistria have an offer only a pig would consider: the Phoenix Education Partners IPO.

Touted by Morgan Stanley, Goldman Sachs, Bank of Montreal, Jefferies, and Apollo Global Securities, the offering of Phoenix Education Partners brings the University of Phoenix (PXED) back to public markets—but few fans remain in the audience.

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A Decade of Decline: From Expansion to Erosion

In the early 2000s, the University of Phoenix was hailed as a pioneering force in adult education—cozy campuses near freeway exits and an advanced online infrastructure for working learners earned praise. Its founder John Sperling was seen as visionary.

But by 2010 enrollment had already begun plummeting after reaching nearly 470,000 students, and the school’s academic quality and recruiting ethics were under the microscope. Critics decried “The Matrix,” a perverse scheme where recruiters were aggressively incentivized to push enrollments—no matter the cost.

By 2018, more than 450 locations had shuttered, enrollment was down by approximately 80%, and half the remaining sites were no longer accepting new students. Even Hawaii, Jersey City, Detroit, and other major cities were on the closure list.

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Regulatory Fallout: Lawsuits, Settlements, and Borrower Defenses

From the early 2010s onward, the University of Phoenix (aka UoPX) saw an avalanche of legal scrutiny. In 2019, the FTC leveled a $191 million settlement against it for misleading advertising, including deceptive claims about job placement and corporate partnerships.

By late 2023, 73,740 borrower-defense claims had been filed by former students under federal programs. Many of these were settled under the Sweet v. Cardona class action, with estimates of the university’s potential liability ranging from $200 million to over $1 billion. Meanwhile, nearly one million debtors owed a combined $21.6 billion in student loans—about $22,000 per borrower on average.

Another flashpoint: UoPX agreed to pay $4.5 million in 2024 to settle investigations by California’s Attorney General over military-targeted recruiting tactics.

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The Ownership Unicorn: Apollo, Vistria, and Political Backing

After Apollo Global Management and the Vistria Group acquired UoPX in 2016, the school became a commodified unit in a larger private equity portfolio. The deal brought in figures like Tony Miller, a political insider, as chairman—signaling strategic power play as much as financial management.

Vistria’s broader stable included Risepoint (previously Academic Partnerships), meaning both UoPX and OPM entities were controlled by one private-equity firm—drawing criticism for creating a “for-profit, online-education industrial complex.”

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The IPO Circus: “Pigs on Parade”

Enter the Phoenix Education Partners IPO (PXED), steered onto the market with all the pomp of a carnival but none of the substance. The front-line banks—Morgan Stanley, Goldman Sachs, BMO, Jefferies, Apollo Global Securities—are being paid handsomely to dress up this distressed asset as a growth opportunity.

But here’s what those colorful floats hide:

• Collapse, not comeback. Enrollment and campus infrastructure have withered.

• Debt, not opportunity. Nearly a million debt-laden alumni owe $21.6 billion.

• Liability, not credibility. Borrower defense claims and state investigations continue to mount.

• Profit, not public good. Ownership is consolidated in private equity with political access, not academic mission.

This is a pig in parade attire. Investors are being asked to cheer for ribbon-cutting and banners, while the mud-stained hooves of exploitative business models trudge behind.

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The HEI Verdict

This PXED IPO isn’t a pivot toward better education—it’s a rebrand of an exploitative legacy. From aggressive recruitment of vulnerable populations (“sandwich moms,” military servicemembers) to mounting legal liabilities, the University of Phoenix remains the same broken system.

Investors, regulators, and the public must not be dazzled by slick packaging. The real story is one of failed promises, students carrying lifelong debt, and private equity cashing out. In education, as in livestock, parades are meant to show off—just make sure you're not cheering at the wrong spectacle.

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Sources

• Higher Education Inquirer. Search: University of Phoenix

• Higher Education Inquirer. “The Slow-Motion Collapse of America’s Largest University” (2018)

• Higher Education Inquirer. “University of Phoenix Collapse Kept Quiet” (2019)

• Higher Education Inquirer. “Fraud Claims Against University of Phoenix” (2023)

• Higher Education Inquirer. “University of Phoenix Uses ‘Sandwich Moms’ in Recruiting” (2025)

• Higher Education Inquirer. “What Do the University of Phoenix and Risepoint Have in Common?” (2025)

• Federal Trade Commission. “FTC Obtains $191 Million Settlement from University of Phoenix” (2019)

• Sweet v. Cardona Settlement Documents (2022–2023)

• California Attorney General. “University of Phoenix to Pay $4.5 Million Over Deceptive Military Recruiting” (2024)

Can College Presidents Tell Us the Truth?

“Truth? You can’t handle the truth!” Jack Nicholson’s Colonel Jessup in A Few Good Men captures the tension at the heart of American higher education: can college presidents confront veritas—the deep, sometimes uncomfortable truths about their institutions—or will they hide behind prestige, endowments, and comforting illusions?

At the foundation of academia lies veritas, Latin for truth or truthfulness, derived from verus, “true” or “trustworthy.” Veritas is not optional decoration on a university crest; it is a moral and intellectual obligation. Yet 2025 reveals a system where veritas is too often sidelined: institutions obscure financial mismanagement, exploit adjunct faculty, overburden students with debt, and misrepresent outcomes to the public.

The Higher Education Inquirer (HEI) embodies veritas in action. In “Ahead of the Learned Herd: Why the Higher Education Inquirer Grows During the Endless College Meltdown,” HEI demonstrates that truth-telling can thrive outside corporate funding or advertising. By reporting enrollment collapses, adjunct exploitation, and predatory for-profit practices, HEI holds institutions accountable to veritas, exposing what many university leaders hope will remain invisible.

Leadership failures are a direct affront to veritas. “Scam Artist or Just Failed CEO?” scrutinizes former 2U CEO Christopher “Chip” Paucek, revealing misleading enrollment tactics and financial mismanagement that serve elite universities more than consumers. These corporate-style decisions in a higher education setting betray the very principle of veritas, prioritizing appearance and profit over educational integrity and human outcomes.

Student journalism amplifies veritas further. Through Campus Beat, student reporters uncover tuition hikes, censorship, and labor abuses, demonstrating that veritas does not belong only to administrators—it belongs to those who seek to document reality, often at personal and professional risk.

Economic and political realities also test veritas. In “Trumpenomics: The Emperor Has No Clothes,” HEI exposes how hollow economic reforms enrich a few while leaving the majority behind. Academia mirrors this pattern: when prestige is elevated over substance, veritas is discarded in favor of illusion, leaving students and faculty to bear the consequences.

Structural crisis continues. In “College Meltdown Fall 2025,” HEI documents federal oversight erosion, AI-saturated classrooms with rampant academic misconduct, rising student debt, and mass layoffs. To honor veritas, leaders would confront these crises transparently, but too often they choose comforting narratives instead.

Debt remains one of the clearest tests of institutional veritas. HEI’s “The Student Loan Mess: Next Chapters” shows how trillions in student loans have become instruments of social control. The Sweet v. McMahon borrower defense cases illustrate bureaucratic inertia and opacity, directly challenging the principles of veritas as thousands of debtors await relief that is slow, incomplete, and inconsistently applied.

Predatory enrollment practices further undermine veritas. Lead generators, documented by HEI, exploit student information to drive enrollment into high-cost, low-value programs, prioritizing revenue over truth, clarity, and student welfare. “College Prospects, College Targets” exposes how prospective students are commodified, turning veritas into a casualty of marketing algorithms.

Through all of this, HEI itself stands as a living testament to veritas. Surpassing one million views in July 2025, it proves that the public demands accountability, clarity, and honesty in higher education. Veritas resonates—when pursued rigorously, it illuminates failures, inspires reform, and empowers communities.

The question remains: can college presidents handle veritas—the unflinching truth about student debt, labor exploitation, mismanagement, and declining institutional legitimacy? If they cannot, they forfeit moral and public authority. Veritas is not optional; it is the standard by which institutions must be measured, defended, and lived.

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Sources

• Calling All Campus Reporters: Help Us Tell the Truth

• Trumpenomics: The Emperor Has No Clothes

• HEI Resources Fall 2025

• College Meltdown Fall 2025

• Why the Higher Education Inquirer Continues

• Higher Education Inquirer Surpasses 1 Million Views

• Scam Artist or Just Failed CEO?

• Lead Generators in Higher Education

• The Student Loan Mess: Next Chapters

• Sweet

• Elite University Presidents: Most Hated Men (and Women) on Campus

• Elite Universities on Lockdown. Protestors Regroup.

Student Loan Thriller "The Payback" On Sale Today

STELLAR EARLY PRAISE FOR THE PAYBACK

“An exciting and hilarious heist novel that centers down-on-their-luck older millennials who are riddled with debt and decide to take matters into their own hands to dismantle the system. Timely and witty, Cauley's plotting, prose, and character development will keep you hooked from start to finish.”
—Morgan Jerkins, New York Times bestselling author of This Will Be Undoing

“In an Afrofuturist world of barbaric debt police and an absurd heist to bring it all down, The Payback is a delightfully dark comedy of three coworkers-turned-conspirators hell-bent on revenge. This trio of Robin Hoods taking matters into their own hands out of grief and desperation will have you alternating between raucous laughs and fear for their safety. California strip malls, 80s fashion, punk and hacker culture, all combine in a tenacious cocktail of sweet justice shared by all.”
—Xochitl Gonzalez, New York Times bestselling author of Olga Dies Dreaming and Anita de Monte Laughs Last

“Like Ocean's Eleven but no one's famous. The Payback is a love letter to the American mall, the revenge of the break room, and a laugh-cry of the gods of retail. The result is obsessive truth-telling fun, with zingers, dishy thrills, bodysuits, and a few wigs that have seen better days but are hoping to have the best one yet.”
—Alexander Chee, author of How to Write an Autobiographical Novel

The Payback

A Novel

Kashana Cauley

ON SALE JULY 15, 2025 FROM ATRIA BOOKS

_______________________________________________

In the second novel from television writer and author of the “lethally witty” (The New York Times Book Review) The Survivalists, a retail worker is relentlessly pursued by the Debt Police and forced to take down her student loan company with the help of two mall coworkers. The Payback is a razor-sharp and hilarious dissection of race and capitalism from one of the most original and exciting writers at work today.

 

Jada Williams is good at judging people by their looks. From across the mall, she can tell not only someone’s inseam and pants size, but exactly what style they need to transform their life. Too bad she’s no longer using this superpower as a wardrobe designer to Hollywood stars, but for minimum wage plus commission at the Glendale mall.

When Jada is fired yet again, she is forced to outrun the newly instated Debt Police who are out for blood. But Jada, like any great antihero, is not going to wait for the cops to come kick her around. With the help of two other debt-burdened mall coworkers, she hatches a plan for revenge. Together the three women plan a heist to erase their student loans forever and get back at the system that promised them everything and then tried to take it back.

About Kashana Cauley

Kashana Cauley is the author of The Payback and The Survivalists, which was named a best book of 2023 by the BBC, Today, Vogue, and more. Cauley is also a television writer, having worked on The Great North, Pod Save America on HBO, and The Daily Show with Trevor Noah. Her writing has also appeared in The New York Times, The Atlantic, Esquire, Rolling Stone, The New Yorker, and more. Find out more at KashanaCauley.com. 

 

MORE PRAISE FOR THE PAYBACK

“A stylish, blazingly original take on the heist novel, The Payback is both a whip-smart critique of contemporary capitalism and a moving character study of the workers most often caught in its clutches.”
—Grace D. Li, New York Times bestselling author of Portrait of a Thief

“A novel of great fun and unforgettable fury, The Payback sharply questions the punitive systems we live within, the contradiction between social wellbeing and individual wellness,
and what it means to work toward a decent life.”
—Megha Majumdar, bestselling author of A Burning

“Smart, socio-politically astute, and sidesplitting hilarious, The Payback's inventive wit solidifies Kashana Cauley's place among our most entertaining social critics and novelists.”
—Camille Perri, author of The Assistants and When Katie Met Cassidy

 

About the Book

The Payback
A Novel
by Kashana Cauley
on-sale: July 15, 2025
Atria Books
ISBN 9781668075531
Price: $27.99
eISBN 9781668075555
Price: $14.99