In 2012, the U.S. Senate Committee on Health, Education, Labor and Pensions produced a scathing review of for-profit colleges and universities, spotlighting a culture of bringing in millions while students paying for education with federal loans were failing to get jobs or even complete degrees.
That report would bring about increased scrutiny of some of the nation’s largest institutions attracting millions of students, and the business model has officially imploded according to some observers. The U.S. Department of Education this month stripped the country’s largest for-profit accreditor of monitoring and authorization power over the disbursement of federal financial aid to its member schools.
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