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For-profit colleges soaking up tax dollars despite student loan defaults, low graduation rates — and could be in trouble

They rake in millions of dollars in federal tuition aid and still charge students more than $20,000 a year, on top of scholarships and grants. Despite their high prices and promises of good jobs, more than a dozen of the Bay Area’s most expensive trade schools graduate fewer than half of their students, report alarming rates of students defaulting on their loans — or both.