Not only is the situation bad, it's getting worse. Students at for-profit colleges are defaulting on their loans sooner and sooner after entering.
The Senate Health, Education, Labor, and Pensions (HELP) committee, headed by Sen. Tom Harkin (D-Ia.), is out with a long promised report on the for-profit college industry, and almost every finding is a doozy. Let's break it down, point by point.