For-Profit Colleges Get Scathing Indictment In Senate Report
After a two-year investigation of the for-profit higher education industry, Sen. Tom Harkin (D-Iowa) on Monday unveiled an exhaustive report on the colleges’ business practices, highlighting schools that charge excessively high tuition and shortchange academic investments in order to maximize revenues.
The report, featuring hundreds of pages of research drawn from internal company e-mails and statistics, concludes that the federal government has failed to protect students from misleading sales pitches and poor quality programs, and has not adequately safeguarded the $32 billion in taxpayer dollars that flow to the industry.
“American taxpayers are the single biggest investor in for-profit colleges, yet the government that holds their trust has little ability to ensure that they get the return on investment they deserve: educational and career success for the students who enroll,” the report said. “Congress must put in place a much more rigorous regulatory structure that incentivizes the sector to make the financial investments necessary to result in higher student success.”