Newsflash: For-profit colleges are more evil than I expected. From the Chronicle:
The share of borrowers who default on their student loans is bigger than the federal government’s short-term data suggest, with thousands more facing damaged credit histories and millions more tax dollars being lost in the long run.
According to unpublished data obtained by The Chronicle, one in every five government loans that entered repayment in 1995 has gone into default. The default rate is higher for loans made to students from two-year colleges, and higher still, reaching 40 percent, for those who attended for-profit institutions.
If 40% of graduates can’t afford loan payments fifteen years later, what does that tell you about the value of their education? And think of all the extra people just scraping buy, but who still write their check to the bank every month. What must the chances of real success be coming out of a random online degree granting institution? It boggles the mind.