Same ole STUPIDITY, is now NEW NEWS!

Yes once again, those people in WDC seem to have had a momentary spark of intellegence.

USA Today and the Chicago Chronical have reported that 1 in 5 students that attend for profit colleges are defaulting with in the first 3 years. This is nothing new.

Mary Beth Marklein, USA TODAY, reports that The Education Department is releasing data today on the percentage of students at more than 5,000 colleges and universities who defaulted on student loans over a three-year period.
The data, which are preliminary, appear consistent with a congressional report out in August showing that students who took out federal loans to attend for-profit colleges have higher default rates than those who attended public or private non-profit schools.

A number of studies show that low-income students and those from families who lack higher education are more likely to default on their loans. Student-loan defaulters "can tarnish their credit reports, make it difficult for them to obtain employment, and jeopardize their long-term financial well-being," says an August report by the U.S. Government Accountability Office, the investigative arm of Congress.

And once again the government failes to address the real problem. The problem of these schools selling worthless educations or 2nd rate ones at best. During economic times, employers will prefer to hire students from traditional colleges, not from the for profit schools.


Mean while the Chicago Tribune reports it in a different way.

More than 1 in 5 borrowers of federal student loans who attend for-profit colleges default within three years of starting repayment, new figures made available by the U.S. Department of Education on Monday show.

Historically, the government has reported such figures in terms of how many students default within two years -- a figure that stands at 6.7 percent of student borrowers overall and about 11 percent at for-profit schools.

Nearly 12 percent of borrowers who began repayment in fiscal 2007 defaulted within three years -- up from 9.2 percent for 2006, the latest year for which figures are available. But at for-profit colleges, the rate was 21.2 percent within three years. That was up from 18.8 percent for fiscal 2006.

This is NOT new news. It is OLD news. It is the same news we had in 1988. Now it is victimizing another generation.

Maybe now they will offer us some kind of relief, but I doubt it.