The Obama administration on Thursday issued a series of highly anticipated regulations aimed at cracking down on for-profit colleges and other career training programs that leave students saddled with unmanageable debts and contribute to an unequal share of federal student loan defaults…
The rules have been in the making for nearly two years, amid evidence that students at for-profit institutions default on federal loans at a significantly higher rate and pay higher tuition than their counterparts at public universities, despite for-profit schools devoting significantly less money toward instruction.
The rules were derived as a way to bring accountability to the federal student aid system and to protect students from unscrupulous programs that sought only their federally subsidized tuition.
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