I’m surprised it took this long to catch up with these grifters:
WASHINGTON — The Obama administration will release new regulations on Friday requiring most for-profit and career — or vocational — colleges to demonstrate that they are properly preparing students for careers after graduation or face being barred from federal student aid programs.
Students at for-profit colleges represent about 13% of the total higher education population, but a disproportionate number of federal student loans — about 31% of all loans –go to such schools, which are popular with adult students and veterans trying to launch careers. Nearly half of all college loan defaults are from students enrolled in such programs, according to Department of Education statistics.
That default rate is staggering.
Thanks to reader RT for sending this in.