The virtual charter industry is anticipating growth in enrollments and profits, thanks to the pandemic.

The largest of the virtual charters is the K12 Inc. virtual charter chain, listed on the New York Stock Exchange, whose revenues exceeded $1 billion this year.

Executives haul in big salaries (one of K12’s founders, Ron Packard, was paid $5 million a year but has since moved on to lead other charter chains). Michael Milken was an early investor in K12 and Bill Bennett was a prominent leader until he made racist remarks that caused him to be removed.

The most important thing to know about virtual charter schools is that they have dismal track records. They enroll as many students as possible through heavy advertising and marketing, but their graduation rates are low, their test scores are low, and their attrition rates are high.

Numerous studies of virtual charter schools agree that their results are very poor. A CREDO study in 2015 concluded that students in virtual charters lose ground in reading and lose the equivalent of a year of instruction in math.

While findings vary for each student, the results in CREDO’s report show that the majority of online charter students had far weaker academic growth in both math and reading compared to their traditional public school peers. To conceptualize this shortfall, it would equate to a student losing 72 days of learning in reading and 180 days of learning in math, based on a 180-day school year. This pattern of weaker growth remained consistent across racial-ethnic subpopulations and students in poverty.

The studies of virtual schools by Gary Miron and his colleagues report graduation rates of about 50%, as compared to a graduation rate of 83% in traditional public schools, as well as low performance compared to regular public schools.

So, if you want virtual learning at home and you don’t care if your child actually learns anything, sign up.