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Obama cracks down on for-profit colleges, links loans to income
Business Week: (Bloomberg) -- The Obama administration released a proposal that would tighten for-profit colleges access to federal student aid, threatening growth in the industry that receives $26.5 billion in U.S. funds last year.
The proposed rules released today by the U.S. Department of Education would link U.S. student aid eligibility at Apollo Group Inc., ITT Educational Services Inc., Career Education Corp. and other education companies to former students salaries and debt repayment rates. The rules may cut off access to federal student grants and loans at about 5 percent of all for- profit education programs, Secretary Arne Duncan said in a telephone call with reporters yesterday.
