If you’ve been paying attention to the news lately, you know the story of the “free” education that the Gates Foundation is giving away to every kid in America.
We have a lot of stories about schools that were originally meant to help children in need.
But now, as we learn more about the effects of inequality, it’s hard to ignore that many of those schools are being taken over by private companies, including for-profit education companies like Kaplan and Forrester.
One of those companies, Kaplan, is going to start giving out free tuition to every student in the United States by the end of the year, and it’s going to be free for the rest of their lives.
So, in the next few years, we’re going to see hundreds of millions of dollars being pumped into education through these free schools.
But we’re also going to hear a lot about how that money is being used to make schools even more expensive.
A new report from the Center for American Progress, which is funded by the billionaire Warren Buffett, says that by 2025, Kaplan will be giving out $5 billion a year to for-profits like itself.
And it’s not just for-prosperity companies that are getting into the free school business.
Kaplan’s CEO said recently that Kaplan’s free education plans are more than just a marketing ploy.
Kaplan is also investing more than $10 billion in charter schools across the country, to be paid back over 30 years, according to the report.
Kaplan has also spent $10 million to start the company in the Philippines, to help bring schools closer to the U.S. “We have always been the leader in education, and the U-M-Pharmacy is the leader with a global reach and a global footprint,” Kaplan CEO Mark Daley told CNBC’s “Squawk Box.”
“But we also recognize that we need to innovate, and we need a new approach to education that works for students around the world.”
Kaplan is not the only one to be taking advantage of the free-school craze.
The University of Michigan’s school system, which has been in financial trouble since 2009, has been buying up the top private schools in the country.
The school system is also planning to give out nearly $20 billion worth of tuition scholarships to students who have graduated from the school system.
Some of the best-known for-market schools in America, including Kaplan, have also begun to get into the market.
For-profit companies like Coursera and Udacity have also been getting into free-education business.
There’s even a new business called Udacity Learning.
In the coming months, we’ll be able to hear more about these for-privatization companies and the new business model that is being adopted by the Gates foundation.