A New Jersey Star Ledger editorial opines:
"Chalk up another victory for the lobbyists who protect profits over people. Students, scammed by for-profit schools promising good-pbyists representing the $30 billion industry.
"Arne Duncan, President Obama’s education secretary, had the right idea, at first. Only one in 10 students attends a private, for-profit school, but they account for nearly half of all student loan defaults. So, hold schools accountable by measuring gainful employment through a student’s debt burden and how quickly a loan is paid off. Withhold access to federal loans and grants — the bulk of student financing — if they fail to meet those standards.
"But the Association of Private Sector Colleges and Universities, which donates generously to everyone from Sen. Rand Paul (R-Ky.) to Rep. Donald Payne (D-N.J.), unleashed its arm-twisters. And Duncan caved. Now, schools that fail to meet standards can hobble along a few extra years before the federal spigot is turned off. Students deserve better."
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