Wiping out for-profit schools – Student Loan Debt – Salon.com

20 Jun

On a conference call with reporters Wednesday morning, Sen. Kay Hagan, D-N.C., promoted a bill she has introduced that would prohibit for-profit colleges from using taxpayer-funded financial aid for marketing, recruiting or advertising purposes.

Make no mistake, Hagan’s bill, if it becomes law, would cut for-profit schools off at their knees. The top 15 publicly traded for-profit colleges derive 85 percent of their revenue from federal financial aid. If they can’t spend that money on marketing, recruiting and advertising, then they effectively can’t market, recruit or advertise — or at least not at anywhere near the scale they currently do.

via Wiping out for-profit schools – Student Loan Debt – Salon.com.

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