Only 22 percent of students at for-profit colleges graduate

We’ve done a number of posts about for-profit college scams, so we aren’t too surprised by the terrible graduation rates reported in a new study.

For-profit colleges graduated an average of 22 percent of their students in 2008, according to a new report from Education Trust.

That average palls in comparison to bachelor’s-seeking graduation rates at public and private non-profit colleges and universities for the same year, which averaged 55 percent and 65 percent, respectively.

The report, titled “Supbrime Opportunity” (PDF) also reveals that for-profit colleges increased their enrollment by 236 percent from 1998 to 2009.

The median debt of for-profit college graduates — $31,190 — far outpaces that of private non-profit college graduates, which stands at $17,040, and is more than triple the median debt for those from public colleges, which is $7,960.

The government has helped to create this monster with easy access to student loans for these institutions, who now have the incentive to accept as many students as possible. Then they make money regardless of whether they provide value to their students.

Fortunately, the Obama administration has proposed new rules to make it more difficult for many of these for-profit colleges to waste taxpayer dollars.

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