I have written about my experiences in the For Profit school business before and I think you will be interested in what Tom Harkin (Senator from Iowa) wrote in today's Los Angeles Times.
"Haven't we heard this story before? It features a high pressure sales force persuading consumers in search of the American dream to go deep into debt to purchase a product of dubious value. Default rates are sky high. Taxpayer money is squandered. Top executives walk away with fortunes.
This sounds like a description of the subprime mortgage industry, which came crashing down two years ago. But what I just described is the reality at many for-profit colleges."
There is a lot more. Go to www.latimes.com and find "The for-profit college bubble".
The amounts of money here are huge. Not as big as in housing, but scary for a very different reason.
If you default on your home mortgage, you can walk away in several different ways. But if your loan was for education, you can NEVER escape it. You will carry that loan, plus compounding interest, for the rest of your life.
And, by the way, you are the loan holder for most of these loans since you are a tax payer.
It is way past time to throw a net over these crooks.
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