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For-Profit Schools are Scamming Students

by Thom Hartmann posted Jul 30 2012 3:18PM

According to an investigation by Democratic Congressman Elijah Cumming – the ranking member on the House Committee on Oversight and Government Reform – for-profit colleges are paying executives massive salaries – not based on student achievement – but instead based solely on profitability.  Looking at 13 different for-profit schools – the investigation found, “the single most significant measure for determining executive compensation at these schools is corporate profitability…rather than student achievement.”

For-profit colleges rely heavily on government funding, with many schools receiving as much as 90% of their revenue from federal student loan assistance programs.  Yet, they’re not producing good results.  A quarter of all students who attend for-profit schools default after three years, while the default rate at public institutions is a mere 10%.  Yet the for-profit school executives still get fat paychecks – like Strayer CEO Robert Silberman who made $41 million in 2009 alone.

Educating the future American workforce used to be a part of the commons, because the economic security of the nation depends on well-educated workers.  But now, the money-changers are in control – leaving students in debt, unprepared, and jobless.

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07/30/2012 3:19PM
For-Profit Schools are Scamming Students
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