Student loans are a scam! This bill? “The Protecting the Freedom of For-Profit Schools to Suck off the Government Teat Without Any Accountability Whatsoever Act.”

Quote:

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The for-profit educational sector is an industry almost entirely subsidized by the federal government. Around 70-80 percent of for-profit revenues are generated by federal student loans. At the same time, judging by sky-high dropout rates, the for-profit schools do a terrible job of educating students. The Obama administration’s efforts to define a credit hour and require state accreditation were motivated by a very understandable desire: to ensure that taxpayers are getting their money’s worth when federal cash pays for a student’s education.

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These kids are being scammed and are not getting what they deserve for our Tax paying dollars. These loans need to be regulated and they should not receive a 10K per quarter loan for a community college. the equity is in the books and credit hrs. Not what these colleges can scam from these youngsters.

http://www.salon.com/2012/04/16/a_huge_student_loan_scam/