U.S. Secretary of Education Arne Duncan just announced a debt relief package for students who attended schools run by now-bankrupt Corinthian Colleges. In doing so, Duncan sharply attacked for-profit colleges that have engaged in fraudulent acts, and he criticized members of Congress who have blocked reforms to hold the industry accountable.
Even if predatory for-profit college companies can hang on for a period, restoring revenues while retaining their abusive practices, the era where they blatantly and arrogantly rip off and students and taxpayers, while Washington politicians and lobbyists do their bidding without apparent shame, is likely near its end.
The government should have stopped giving money to Corinthian Colleges long ago. The idea that it was still allowing students to enroll and commit our tax dollars to that company just two weeks ago boggles the mind. Corinthian's bad behavior, combined with the Department of Education's bad oversight, has left many more students locked out than there could have been.