The reputation of American universities, long viewed as the best in the world, is being befouled by the cancerous growth of for-profit colleges that saddle students with crushing debt in return for very little of marketable skills.
At a time when our youth are told that a college education is indispensable to their hope of ever finding a job, the for-profit colleges pursue the young like gulls following fishing trawlers, encouraging them to take on debt they cannot afford to pay. This predation takes the form of eating our young.
The schools do not issue that debt; they just cash the checks, which is what has caused a stampede to create some 2,000 colleges that now account for 13% of all students, up from 3% ten years ago, most by large corporations and even private equity and hedge funds. The loans about 80% of them are from the federal government. And if the student cannot pay? The U.S. taxpayer will eventually pick… Read More »