Unmasking For Profit Online Schools

PBS Frontline hit it out of the park last night with this feature.

http://www.pbs.org/wgbh/pages/frontline/collegeinc/view/

It unmasks the scam that For Profit Online Schools are.

These scamsters at these institutions are  just as worse as the peddlers of garbage mortgage loans at New Century, Fremont, Long Beach Financial, and Countrywide.

Most of the student loan defaults are directly correlated with these type of institutions. Who do think is on the hook for these losses? Take a look in the mirror.

Federal Student Loans are the lifeblood (Pun Intended) of this parasitic industry. The taxpayer is funding this industry as 75% of the revenues are from federal student loans.

Bloomberg Businessweek also has this feature in last weeks magazine.

http://www.businessweek.com/magazine/content/10_19/b4177064219731.htm?chan=magazine+channel_features

Whenever you have Wall Street and the government jointly involved in an industry you can 100% guarantee it is fleecing and looting the tax payer.

Don't expect the government to do anything to curtail these purveyors of debt slavery. The government needs these institutions just like they needed non bank financial companies to bring home ownership to the masses. These institutions are intertwined into the worst fabrics of predatory Wall Street and engage in tremendous amount of lobbying of our elected officials.