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Posted by on May 6, 2010 in Education, TG Roundup

College Inc.

I am passionate about the subject of education. I am disturbed by the sleazy practices of various ‘for-profit colleges’ who essentially fleece the poor and the veterans and raid the Pell Grants (there by cheating the tax payers also.)

Shedding light on fraud in the name of higher education is my crusade. [Quotes from the video.]

  • federal student loans are the life blood of the for-profit schools
  • 10% of college going public at these colleges consume almost 25% all federal financial aid.
  • Tax payers are essentially funding this industry. Something line 75% of their revenue comes from Federal grants and loans. University of Phoenix get something like 86% of the up from 49% from 9 or 10 years ago.
  • Debt load at for-profit school is more than twice the debt load at traditional colleges
  • [Watch the story of a single mother at 25 min mark]
  • [42 min mark] Student loan default worry is the next big worry for this nation. A good percentage of this is from for-profit colleges. But the colleges massage their default rates (called cohort default rates) with sleazy business practices.

Watch this Frontline video: College Inc. Decide for yourself.