For-Profit Colleges Cost $32B In Taxes, Leave Students Heavily In Debt

The Senate Committee on Health, Education, Labor and Pensions has released the results from a two-year study on for-profit colleges that have abysmal graduation rates and leave former students struggling with debt, sometimes for life. For-profit colleges explode over student loans For-profit colleges have been around for a long time, but they have exploded in the last few decades as federal student loans became more readily available. By 2009, publicly traded companies and private equity firms controlled 76 percent of the for-profit college market as measured by student population, and the Senate report notes that while investors closely watch quarterly…