Posted: Jun 25, 2012 11:31 PM
Updated: Jun 26, 2012 8:13 AM
(AP) - Former students in career-training programs at dozens of for-profit institutions have had so much trouble paying off their loans that the schools could lose access to federal student aid if they don't improve.
Those are the findings of the U.S. Department of Education, which reports that students at 193 programs at 93 schools were unable to meet any of three measures under the agency's new "gainful employment" rule.
The new regulations, announced by the Obama administration last year, are aimed at making sure students in career-training programs at for-profit, nonprofit and public institutions are able to get a job and pay off their student loans when they graduate.
Twelve percent of all students in higher education attend a for-profit institution, yet they represent 46 percent of all student loan dollars in default.
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