For-profit colleges soaking up tax dollars despite student loan defaults, low graduation rates—and could be in trouble

Tim Goral's picture

They rake in millions of dollars in federal tuition aid and still charge students more than $20,000 a year, on top of scholarships and grants.

Despite their high prices and promises of good jobs, more than a dozen of the Bay Area's most expensive trade schools graduate fewer than half of their students, report alarming rates of students defaulting on their loans—or both.

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