Right now Washington DC is the scene of heated debate about for-profit universities and colleges. A look at 16 leading for-profit colleges shows a staggering dropout rate: more than 55%! And there are more shocking statistics. For instance, 9.5 out of 10 students must take out student loans to attend these colleges, and more than 40% of all student loan defaults this year were from students of for-profit colleges or universities.
Obviously, many students would not so readily in roll in such academic programs if they realized the odds were stacked against them. When you add the cost of credit card debt and auto loans for students, those enrolled in for-profit universities – especially the half of them that don’t graduate – could be doing themselves more of a disservice rather than advancing their careers.