More Disturbing News about For-Profit Colleges

The last time I blogged about the for-profit fiasco that some call colleges, I’d mentioned the Wall St. Journal had published an opinion piece written by one of the school’s own top officials. I thought the self-serving piece was disturbing but not as disturbing as two articles published today about for-profit colleges. One story was in the Wall St. Journal (again) noting that the Post Co., the same one that owns both Newsweek and the Washington Post, had warned shareholders that it earnings may be affected by future Congressional inquiries into for-profit colleges. It just happens that the Post Co. owns Kaplan which is a large player in the for-profit college world. The other story came from the Huffington Post and related the sad story of a young woman who’d compiled $70,000 in debt pursuing a degree from the Art Institute of Ft. Lauderdale. According to the young woman, she succumbed to the school’s high pressure tactics, took out loans she couldn’t afford and received a degree that was worthless. Now, she’s stripping in Ft. Lauderdale.
These schools are backed by influential (Goldman-Sachs, Post Co.) corporations and have plenty of money. They are peddling their wares to overly eager young people searching for a way to obtain a degree. Finally, the government is getting involved after a GAO report noted fraudulent behavior on the part of 9 of the schools which it investigated.