Obama: for-profit colleges “making out like a bandit”

Yesterday President Obama delivered a forceful message to the predatory for-profit college industry, The Huffington Post reports. In response to a question at an event Friday at Binghamton University in New York state, Obama said these businesses were “making out like a bandit” preying on veterans and other students, as well as taxpayers. He warned that if these for-profit colleges don’t start training students for careers, they face a cutoff of federal aid. Obama’s forceful remarks echoed the strong statement he made on this issue last year, standing with soldiers at Fort Stewart, Georgia. This is the kind of strong leadership we need to educate our students and rebuild our economy. … Officials across the government — from the Securities and Exchange Commission to the Consumer Financial Protection Bureau, the Federal Trade Commission to the Department of Education — should take a strong cue from this presidential statement and act forcefully to regulate for-profit colleges and crack down on abuses.

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