(The Guardian) -- Conservatives have pushed for-profit education schemes on America for decades, insisting private industry can better serve students than our government.
But this week we saw exactly what happens when you let capitalists run college education: ITT Tech.
The school is closing its doors on the heels of a federal crackdown on for-profit institutions that make a buck off of young (and some older) people who want an education and pathway to success.
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Research shows that the for-profit sector generally targets lower-income people, communities of color and the elderly with campaigns promising job prospects that may never materialize. All the while, taxpayers and students footed the bill to pad the pockets of shareholders. Millions of dollars in federal financial aid flowed into these schools, and when students graduated they were left deeply in debt. For-profit colleges enroll a tenth of our students but are responsible for generating nearly half of college loan defaults.