CoCo no MoMo

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I have been railing against for-profit colleges here on Slope for years, beginning with this post back in August 2010 about Corinthian Colleges. I’m hard-pressed to think of any business more cynical that these for-profit outfits, since their formula has been:

  1. Advertise their services to the desperate;
  2. Get government loans to fund their sky-high tuitions;
  3. Have the students go through their program, get a diploma, and still fail to get a decent job (since a Heald diploma may well be more a liability than an asset to a job-seeker);
  4. Stand aside unharmed as the student defaults and you, dear reader, are left holding the bag

In a rare instance of the government exhibiting a backbone, they starting cracking down a few years ago, and the resulting damage to these scummy outfits doesn’t require a lot of interpretation.