Obama Administration Caved On For-Profit College Regulations, Insiders Say

Obama Administration Caved On For-Profit College Regulations, Insiders Say
http://www.huffingtonpost.com/2011/06/16/obama-for-profit-college_n_877860.html

A year ago, the Obama administration crafted a set of proposed regulations aimed at limiting abuses by the swiftly growing for-profit college industry.

The initial draft threatened severe consequences for institutions that churned out large numbers of graduates with outsized debts and meager job prospects: Schools would quickly lose access to the multi-billion dollar pool of federal student aid dollars that supplies the vast majority of their profits.

But when the Department of Education delivered the final rules earlier this month, they were substantially weakened from the initial draft, adding a three-year grace period before severe sanctions will kick in -- a major triumph for the industry’s lobbyists and their relentless pressure campaign on the Obama administration.

Those familiar with the deliberations say the industry successfully convinced the Obama administration to soften the rules by sowing fears that a stricter approach would prompt Congress -- also the target of intense lobbying -- to step in and revoke the regulations altogether.

Read more: http://www.huffingtonpost.com/2011/06/16/obama-for-profit-college_n_877860.html

The industry just told the administration what they'd order their attack dogs to do, and faster than Superman on laundry day, the administration folded. Anybody want to hazard a guess about what's going to happen in three years when the "grace period" is about to expire?

This is shameful. For-profit colleges are scams and they are ruining people's lives. If that is not a good reason to put up at least a little bit of a fight, then I don't know what is.

How is it caving when Obama and the Dems continually create policy in the interest of the corporations and the ruling class in general?

This characterization is a dangerous one. The results of policy are what matter. Not some hypothetical intentions or character judgments.

I really wish I didn't think so cynically, but every day in the news--"Obama administration caves on..."

They've punked every progressive in the land.

until there is nothing left. We are in deep shit and sinking fast.

Really sick of this fake-ass show going on in DC.

Why did he want the job? So he could laugh his ass off at all of us for believing in him?