higher-education

Student loan debt has become an increasing problem in recent years. As the New York Federal Reserve notes in a 2013 report, “Over the last eight years, aggregate educational debt outstanding has almost tripled, rising to nearly $1 trillion and becoming the largest consumer liability after mortgages.”

From 1998 to 2008, while enrollment at traditional colleges and universities increased just 20%, the for-profit sector grew dramatically, rising more than 230%. Much of the new institutions’ growth came through minority and low-income students, which make up 37% and 50% of the schools’ enrollments, including many veterans.