For-profit colleges across the country have to be happy this story came out at the beginning of the Thanksgiving holiday: Only 22% of the students graduate.
Another statistic is equally as damning: A student graduating from a state school has an average of just under $8000 in debt while a student graduating from for-profits graduate with $31,000in debt... almost 4x as much.
I have no problem with for-profit colleges. The major player in Iowa is my former employer, Kaplan. I know we had a much higher graduation rate. I also know there are many mitigating factors that cause the debt level to be much higher for the for-profits. Still, there's no positive way to spin this story. Senator Harkin has called for increased scrutiny of for-profit colleges. That's a good idea.
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