|Former for-profit college students have helped fuel|
the student loan protest movement.
This comes after Corinthian Colleges closed its remaining 28 college campuses only last week. DeVry University also announced the closure of 14 campuses and Kaplan Inc. sold 38 Kaplan College campuses to Education Corporation of America. Enrollment is also falling for for-profits such as Strayer University and the University of Phoenix.
Regulation and oversight of the for-profit college industry has increased in recent years, with enforcement of the “gainful employment” rule, spurring The U.S. Department of Education to investigate job placement rates and dole out heavy fines to those misrepresenting career opportunities after college. The gainful employment rule required that to qualify for federal student aid, for-profit colleges would have to show that they prepare students for “gainful employment in a recognized occupation,” which is defined through a debt-to-income ratio.