Some Corporate-Owned Colleges Get Certified as Nonprofits to Evade Financial Scrutiny

Mark Karlin

For-profit college companies' first priority is reaping a financial windfall, not providing a quality education. Recently, BuzzFlash reported on the bankruptcy of one such higher-education company, which left students saddled with billions of dollars in federal debt after the investors had made money off of billions of dollars in federal tuition loans.

There has been some renewed White House interest in reining in for-profit colleges - but in the absence of congressional action, little can be done.