EPI: In 2009, 86 percent of revenues for the 15 publicly-traded for-profit colleges came from the Department of Education federal student aid and U.S. military educational benefit programs.
These taxpayer dollars do not primarily go toward the education of students. As the figure shows, for-profit education companies take away more in profits than they spend on education. A large share of the revenue is also used to recruit new students, most of whom get deep into debt. The committee described typical recruiting practices as “aggressive,” and “deceptive.” And, this too is paid for by taxpayers.
Friday, August 3, 2012
Private sector, for-profit Colleges love Taxpayer money.
Here's another look at how for-profit, private colleges are draining taxpayer dollars to become filthy rich, and a likely harbinger of where K-12 is headed with vouchers.