The economic recession has made it harder for students to obtain bank loans. So, some of the nation’s biggest for-profit colleges and vocational schools are boosting enrollment in tough times by making more loans directly to cash-strapped students, knowing full well many of them probably won’t be able to repay what they borrowed.
According to an article in USA Today, among the for-profit colleges that are booming are ITT, Corinthian Colleges and Career Education Corp. They and other such institutions have an estimated 1.2 million U.S. students pursuing degrees in such fields as nursing, computers and the culinary arts. Some of these students could end up with high interest rates and loan payments they cannot handle, which could damage their credit in the future.
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