This College Says: Get a Job -- or Get Your Money Back
Can you think of any other product that is marketed as an investment for which people will shell out six figures with no guarantee of anything -- and absolutely no recourse if the product (education) does produce the intended result (a well-paying job)?
Now, one community college is looking to make its product risk-free and more consumer-friendly. Lansing Community College in Lansing, Mich., offers six-week training courses for students interested in careers as call-center specialists, pharmacy technicians, quality inspectors and computer machinists. The cost for each of these certificate programs is is $2,400, but a special money-back guarantee program is being offered to 61 students. If they attend every class, complete every assignment, and make a good-faith effort to get a job, if they are unable to find employment within a year after graduation, they'll get their tuition back.
Timehas more on this innovative marketing strategy, which is believed to be the first money-back guarantee in the history of higher education. While its offer is unlikely to catch on in a broader way, Lansing Community isn't the only school trying to ease its students concerns about the job market amid this tough economy. Bellevue University, a private college in Nebraska that caters to part-time adult students, is offering to allow students who lose their day jobs to defer all college expenses for up to six months.