. . . for-profit colleges are the worst offenders in another respect: their alums are singularly incapable of paying back their loans. Despite educating just a small fraction of students, these institutions contributed a full 47 percent of defaults among students who began repaying their debt in 2009. By comparison, the private nonprofits, despite the truckloads of loans they generate, were only responsible for 13 percent of defaults. . . About three-quarters of for-profit college students attend nominally four-year schools. And I say “nominally,” because only about 28 percent ever graduate, about on par with the bottom rung of public institutions. They cater to a class of student that is disproportionately poor, and frankly don’t always belong in college to begin with.
The Atlantic: Which Colleges Should We Blame for the Student-Debt Crisis?
I remember when I was researching schools to obtain my degree, I looked at University of Phoenix first because of its focus on online classes (commute and kids makes attending on-campus classes very challenging), not knowing much about the school or the quality of the degree. I called to ask some cursory questions and quickly found myself in a conversation that sounded like I was being sold some land; the “admissions rep” wanted me to sign up right then and there, and just said “yep” to me on everything I asked. Before I even had a chance to research the school more on my own I was compelled to call back and turn them down because the rep was calling me at least once a day (sometimes three) to see if I had made my decision. If a school has to sell themselves that hard to get my tuition money, how good could it possibly be? I always—always—question the hard sell.