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Begin Group: For-profit schools see more defaults
Students who took out government loans to pay for their education at for-profit colleges had a 21% default rate in the first three years they were required to make payments, about three times the level of four-year public and nonprofit institutions, according to a Wall Street Journal analysis of government data scheduled for release Monday.
The disclosure of the new default rates comes as the Department of Education has proposed rules to restrict recruitment practices at all colleges. Major for-profit schools, some of which have multimillion-dollar advertising budgets, have been accused of using aggressive marketing tactics. Critics allege the high defaults occur because schools enroll unqualified students who get little benefit from the education and therefore can't pay back the government.
Unlike traditional schools, which are operated by governments or nonprofits, for-profit colleges distribute income to shareholders and range in size from mom-and-pop businesses to large publicly traded firms. Recently, the for-profits have branched out from offering just career-training certificates to granting bachelor's and professional degrees.
Starting in 2014, because of concern about rising defaults, schools with rates exceeding 30% for three years – or 40% for one year – can lose federal financial aid, which can put schools out of business. For-profit schools rely heavily on federal aid programs.
John Hechinger and Tom McGinty
The Wall Street Journal