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Barack Obama pushes for-profit colleges to the brink

“On Wednesday, the Obama administration will begin choking off the financial lifeline of for-profit colleges whose graduates can’t find well-paying jobs — and the move is likely to accelerate a wave of shutdowns for an industry taking assaults from all sides.

Reining in the multibillion-dollar industry has been the administration’s goal for most of President Barack Obama’s term in office, fueled by complaints that for-profit colleges lure students with misleading promises, then saddle them with debts they can’t pay back despite their newly granted degrees. Its latest tool is the Education Department’s long-debated ‘gainful employment’ rule, which requires colleges to track their graduates’ performance in the workforce and eventually will cut off funding for career training programs that fall short.” Read more at Politico by clicking here.