[caption id="attachment_42073" align="alignleft" width="150" caption="For-profit colleges are bringing in record amounts of federal aid money, according to government officials."]For-profit colleges are bringing in record amounts of federal aid money, according to government officials.[/caption]

The Education Department proposed much-anticipated regulations July 23 that would cut off federal aid to for-profit college programs—including many of the nation's largest online schools— if too many of their students default on loans or don't earn enough after graduation to repay them.

"Some proprietary schools have profited and prospered but their students haven't, and this is a disservice to students...

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