“The worst problems … occur at for-profit schools like those run by the Apollo Group (which owns the University of Phoenix), the Education Management Corporation or Corinthian Colleges. These schools cater to low-income students and veterans, but too often they turn hopes for a better life into the despair of financial ruin.
“Nearly all of their students take out loans to attend, and the amounts are staggering. Among holders of bachelor’s degrees, 94 percent borrow … The for-profit graduates have trouble finding jobs that pay enough to afford their debts, and 23 percent of borrowers default within three years …
“Most of us were raised to believe that going to college was the surest path to a better life, but for many today that belief can be perilous. Unless we can claw back polarization and plutocracy enough to restore opportunity in higher education, the United States will become a society in which rank is fixed and our ideal of upward mobility but a memory.”
Read more here.