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These colleges shouldn't be allowed to loan their students money - that's a conflict of interest. There's no incentive for the college to graduate the students if the students are required to pay back the $ from the date of the loan.
The education is often (usually?) substandard and people aren't licensable in their professions. They should be shut down.
Victoria Morse, a registered nurse and former instructor at Intercoast's vocational nursing program in Fairfield, said that despite meeting the school's basic entrance requirements, many students did not learn basic concepts - such as the fact that "heart rate" and "pulse" meant the same thing - even after months in the classroom.
So their problem is that admit too many stupid people into their college. Perhaps they should require an IQ test for entry.
http://www.sfgate.com/education/article/For-profit-colleges-alumni-often-in-debt-and-out-5649485.php