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Source: Business Insider.com
Early Facebook investor and Paypal cofounder Peter Thiel thinks college is overhyped. Now he's giving 24 kids a tempting alternative to higher education. Thiel is going to pay some big-dreaming teenagers $100,000 over the course of two years to pursue their entrepreneurial dreams.
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Source: TechCrunch.com
Like the housing bubble, the education bubble is about security and insurance against the future. Both whisper a seductive promise into the ears of worried Americans: Do this and you will be safe. The excesses of both were always excused by a core national belief that no matter what happens in the world, these were the best investments you could make.
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Source: Mother Jones
According to new data from the DoE released on Wednesday, 46.3 percent of all loan money lent to students at two- and four-year for-profit colleges in 2008 would eventually go into default. By comparison, the overall default rate in 2008—lumping together loan money given out to students at community colleges, for-profits, and traditional undergraduate and graduate schools—was only 15.8 percent.
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Source: U.S. Government Accountability Office
Enrollment in for-profit colleges has grown from about 365,000 students to almost 1.8 million in the last several years. These colleges offer degrees and certifications in programs ranging from business administration to cosmetology.
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Source: Bloomberg.com
For-profit colleges are urging the U.S. Congress to change a law that threatens their access to billions of dollars in federal student aid, the companies’ biggest source of revenue.
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Source: Los Angeles Times
The industry has seen growing criticism of its high-powered marketing and the heavy debt many students incur, as well as doubts about the value of the degrees it offers.
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Source: HuffPost Business
Newly-released internal training documents from several for-profit colleges illustrate a culture that encourages recruiters to increase enrollment by focusing on emotions such as "pain" and "fear" to attract low-income students who are struggling with adverse personal and financial circumstances.
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