Senate committee report blasts for-profit colleges

A Senate Democratic committee report says for-profit colleges place revenues above education and charge students high tuition and excessive loan rates. It says that top officials running the schools enrich themselves.

The report found students often leave these schools after four months, deeply in debt from loans and unable to find a job.

The report said veterans are especially vulnerable to encountering these problems, since for-profit colleges receive the largest share of military educational benefit programs.

Eight of the top 10 recipients of GI bill money since the Sept. 11, 2001 attacks are for-profit education companies. The report said reaching an enrollment quota was the highest priority for recruiters.

Student performance was found to be poor. In 2008-2009, an estimated 54 percent left without a degree or certificate.