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Obama Retreats on College Crackdown

The Obama administration on Thursday watered down its threatened crackdown on for-profit colleges, loosening tough sanctions under heavy political pressure from the industry and members of Congress from both parties. The administration’s long-awaited “gainful employment” regulation, in the making since nearly the start of Barack Obama’s presidency, aims to force colleges to overhaul or shut down career-training programs that leave students with high debt and too low a salary to repay it.