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U.S. says 25 percent of for-profit students default

For-profit schools’ former students default at more than double the rate of those from nonprofit schools, according to data released by the U.S. Education Department as part of its effort to push for tougher regulation of the controversial institutions, Reuters reports. The Education Department has criticized some for-profit schools, which range from universities offering PhD’s to trade schools offering training to repair cars or take X-rays for medical offices. Fully 25 percent of students who either graduated or dropped out of these for-profit schools in 2008 defaulted on their student loans within three years, compared with 10.8 percent of public schools and 7.6 percent of private schools, the Education Department said in its data…

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