Education Corporation of America is the latest major for-profit college chain to file for bankruptcy. It’s part of a larger trend. Chapter 50 from Socionomic Studies of Society and Culture says: “The heart of today’s education bubble rests in private, profit-seeking companies such as Capella University, DeVry University and the University of Phoenix. … ‘Education experts…say these schools have exploited the recession as a lucrative recruiting device while tapping a larger pool of federal student aid.’ No wonder they are behaving that way; as Frontline put it, ‘The taxpayers are essentially funding this industry.'”
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