The For Profit College Trap: How Federal Loans Are Funding a Cycle of Debt The latest statistics from the Department of Education reveal that nearly 500 colleges have a default rate of borrowers who have abandoned their loan payments, leaving taxpayers to foot the bill.
Beneath this alarming number lies a more insidious truth – one that speaks to systemic failures in higher education and the federal government's willingness to prop up institutions prioritizing profits over students' futures.
Private for profit colleges dominate the list, accounting for nearly three quarters of defaults.