The Chronicle of Higher Ed has an excellent article on the Senate report on for-profit colleges. Data stolen from the article:
- More than half of the 1.1 million students who in 2008-9 were enrolled in colleges owned by the examined companies had withdrawn by mid-2010.
- In 2010 the for-profit colleges examined employed 35,202 recruiters, compared with 3,512 career-services staff and 12,452 support-services staff, which amounts to more than two recruiters for every student-service employee and 10 recruiters for every career-services staff member.
- Colleges owned by a company that is traded on a major stock exchange had 2008-9 withdrawal rates nine percentage points higher than the privately held companies examined. Among the 15 publicly traded companies, 55 percent of students departed without a degree, compared with 46 percent of students at the 15 privately held companies.
- In the 2009 fiscal year, the colleges examined spent:
$4.2-billion (22.7 percent of all revenue) on marketing, advertising, recruiting, and admissions staffing.
$3.6-billion (19.4 percent of all revenue) on profit.
$3.2-billion (17.2 percent of all revenue) on instruction.
- 96 percent of students at for-profit colleges take out student loans, compared with 13 percent of community-college students, 48 percent of students at four-year public colleges, and 57 percent of students at four-year private nonprofit colleges.
In case you were wondering, here's a list of for-profit universities and colleges.