For-Profit Colleges Are Using The G.I. Bill To Make Money Off Veterans
Many of the nation’s largest for-profit college chains have seen enrollments plummet amid investigations into questionable job placement rates and deceptive marketing practices.
One crucial source of revenue, however, has remained a constant: military veterans. For-profit colleges have collected $8.2 billion from the latest GI Bill since it went into effect in 2009, according to a Los Angeles Times analysis of government data.
Those colleges enroll only 8% of all U.S. students but 30% of the 1.4 million veterans who have used the most recent version of the GI Bill. That money for years helped prop up some of the industry’s most distressed institutions — including ITT Educational Services Inc. and bankrupt Corinthian Colleges Inc. — which needed the funding to meet tough regulatory requirements.