An education company backed by Wall Street investors is getting closer to opening for North Carolina students, a move that would allow taxpayer money to flow to the questionable education company without significant oversight or public input.
The Cabarrus County Board of Education voted Monday night, in a 5-2 vote, to partner up with K12, Inc.,(NYSE:LRN) a Virginia-based company that’s become one of the nation’s largest providers of online education, according to Ronnye Boone, a spokesman for the school district.
Now that Cabarrus County has agreed to sponsor the charter school, the company will still need to get approval from the N.C. State Board of Education.
The company hopes to be open to all middle-school and high-school students in the state, and in its application to Cabarrus County estimates it will take in $18 million worth of public funding within a few years.
Taking the online classes would have no cost to parents or students, but the home counties of students would send each enrolled student’s share of state and local funding to the company.
In December, we reported on how the company was courting Cabarrus County as a way to wedge itself into the larger North Carolina market (Click here to read our December report, “Questionable company targets NC for virtual charter school).