Many of America’s big for-profit colleges spend more on advertising and high-pressure recruiting than they do on educating students — a key reason why so many of their students drop out and end up with insurmountable debt. If you have a TV or a computer — and you do — then you are probably bombarded with ads for these colleges and training academies.
Today a friend who worked at the now-defunct investment bank Lehman Brothers noticed a particularly fine-crafted ad, stating “ATTN: Lehman Bros employees! Explore online degrees. Your tuition fees could be covered!” Illustrating this proposition is a …
Eight U.S. Senators today sent a letter to U.S. Secretary of Education Arne Duncan calling on him to investigate tactics used by some major for-profit colleges to circumvent rules aimed at reducing student loan defaults. A report issued in July by Senator Tom Harkin’s Health, Education, Labor, and Pensions (HELP) committee documented that several big for-profit colleges were misleading and harassing students to convince them to place their loans in “forbearance” or “deferment” status so that the schools would not have to report their student loans as in default. Federal law takes away a school’s eligibility for student financial …
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