Students who attend for-profit colleges are much more likely to have accumulated large debts for their education loans then students who go to other types of four year colleges. Nearly 30 percent of seniors who attend for-profit colleges in 2008 owed at least $40,000 in college loans compared to just 11 percent of the seniors who attend private nonprofit colleges. Only six percent of seniors who attend public universities have excessive debts because it costs significantly less to attend these schools.
Literally hundreds of thousands of new college graduates are overwhelmed with debt. The US federal government released a report that shows that nearly a quarter of a million borrowers who borrowed money from the federal government were already in default status. The most defaulted loans belong to the students who attended for-profit colleges.
The students who attend these for-profit schools tend to be older and thus they do not have parents to assist them with tuition. These for-profit schools also are popular among low-income students who rely on federal grants, which have not been keeping up with inflation rates.
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