The For-Profit College Racket.

According to Harkin’s findings, for-profit colleges take in about $33 billion each year from taxpayers (in the form of student loans), making up 85 to 90 percent of their revenues, yet they spend the large majority of that money on marketing, recruiting and executive salaries – CEOs took home an average of $7.3 million a year. Not surprisingly, this business model fails their students: 54 percent of the students who enrolled in the 30 biggest for-profit schools examined by Harkin in 2008-09 left institutions without a degree.

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