For-profit colleges are owned and usually run by private companies with investors or shareholders who expect profit. If you’re not sure whether a school is for-profit or not, Google it. There were already many good reasons to avoid for-profit colleges, but this week has given 20,000 more. That’s because the for-profit education company, Education Corporation of America, suddenly declared bankruptcy and shut down almost all of their centers, leaving nearly 20,000 students in a big lurch. Two, the majority of students who defaulted on their student loans between three and five years of repaying went to for-profit colleges.

Source: Forbes December 09, 2018 19:41 UTC