Tens of thousands of students were duped by Corinthian Colleges Inc. into taking out costly predatory, and often financially devastating, private student loans to finance their post-secondary education, the Consumer Financial Protection Bureau alleges in a recently filed lawsuit against the large for-profit education company. [More]
If a company routinely charges more for its products than the competition and its product is often inferior to the more affordable option, that business won’t remain open for long. But thanks to deep-pocketed backers and a government that has handed over hundreds of billions of dollars in federal student aid without asking too many questions, the for-profit college industry continues to rake in the bucks while frequently leaving its students with subpar educations and faint employment hopes. Some federal regulators have attempted to make the industry more accountable, but these schools continue to take advantage of loopholes while legislators and consumer advocates scramble to make reform. [More]
Four years ago, the Consumer Financial Protection Bureau was created – and three years ago it opened its doors – as a safeguard to ensure the financial industry followed the rules when selling products and services to consumers – and a lot has happened since that time. [More]
We often post here about the problems with for-profit higher education: high-pressure recruitment, unrealistic job placement expectations, and huge debt loads. If you know anyone considering enrolling at a for-profit school, this infographic from Campus Progress synthesizes quotes from people involved in the industry, statistics, and facts in an easy-to-digest cartoon form. [More]
The combination of record unemployment and federal stimulus money destined for education has led to an education boom of sorts. Especially for for-profit colleges. Now the U.S. Education department is taking another look at for-profit schools…particularly the tactics used by their admissions staff, and the compensation structures for employees. [More]
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