Here's a report released today focusing on the 'for profit' colleges. They are a way of fleecing students and shuttling money into the pockets of the CEO's, surprise.
The staff report was issued by Sen. Tom Harkin, D-Iowa, chairman of the Health, Education, Labor and Pensions Committee.
The report said veterans were among those vulnerable to the tactics by for-profit schools, since these colleges receive the largest share of military educational benefit programs. Eight of the top 10 recipients of GI bill money since the Sept. 11, 2001, attacks went to for-profit education companies.
The report said reaching an enrollment quota was found to be the highest priority for recruiters. Publicly traded companies operating these schools had an average profit margin of 19.7 percent. They paid an average of $7.3 million in 2009 to top executives, while the five highest-paid leaders of large public universities averaged $1 million and leaders at nonprofit colleges averaged $3 million.