The good news coming from the U.S. Department of Education recently is the effort to put tougher restrictions on for-profit scam colleges that rip off students, families and the taxpayers.
The bad news is that not all Democrats are behind this effort and pushing for the tighter restrictions.
Think Progress last week passed along a report from The Wall Street Journal that Big Ed has drafted a rewrite of regulations to rein in “for-profit schools whose students end up deep in debt or default on their student loans at exceptionally high rates.”
The colleges that would be most heavily affected include the University of Phoenix (owned by Apollo Education Group), Kaplan Higher Education, Devry Inc., The Art Institute (owned by Education Management Corporation), and Corinthian Colleges, among others.
The guidelines provide the teeth for what is referred to in wonk-speak as a “gainful employment” plan. The new regulations could go into effect as early as 2015 and could cause, according to the WSJ report, “as many as 20 percent of programs at for-profit colleges” to lose revenue. Public and nonprofit colleges four-year colleges would be exempted. <Read more.>