For-profit colleges finally become politically toxic

female worker typing at keyboard fingers

For years, regulators and the Obama administration have been trying to reign in all of the abuses of for-profit colleges. In a nutshell, these colleges make big promises to students and then encourage them to take out big student loans. The colleges get paid, but then when students can’t get the type of jobs they were promised (or just drop out), they’re stuck with the student debt and there’s zero risk for the colleges. These for-profit colleges have lower graduation rates and much higher student-debt default rates than traditional colleges.

Many in Congress have resisted efforts to regulate these for-profit colleges, as the industry floods elected officials with campaign contributions. It was very lucrative for a long time, but now that the industry is finally getting the scrutiny it deserves, that same scrutiny is hitting politicians who happily carried their water.

If you care about protecting the taxpayers, then read up on how the Obama administration took on the for-profit college industry and help them accountable for deceptive practices that lured students to take out loans that left them deep in debt. This is real corporate welfare, and it has to stop.


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