What Did We Learn From The Shut Down Of Corinthian College?

Corinthian was one of the largest for-profit colleges in America.  A federal investigation showed that the college engaged in false advertising and it targeted its marketing toward low income families that would be most sensitive to the college's misleading ads that promised high paying jobs upon graduation.  The government decided to shut down federal aid to the college for 21 days following its investigation which discovered many problems in the ways in which it conducted business.  The college concluded that it could no longer operate without the federal funds for even 21 days.  Many for-profit colleges receive as much of 90% of their revenue from federal aid to students.  In the case of Corinthian College, the government was funding a business that was based upon fraudulent practices.  Corinthian College is not unique in the way that it operates.  It is one of many for-profit colleges that engage is similar business practices.  They are protected by lobbyists who have been successful it getting Congress to prevent the Department of Education from doing its job to prevent predatory behavior.