A bipartisan Senate deal to cancel the doubling of a popular student loan rate by pegging the interest to market fluctuations will have to wait until next week for a vote, while Democratic leaders placate dissenters within their ranks.
For-profit colleges leave students with high debt and inadequate educations that can harm them for years after they graduate or quit school, witnesses are scheduled to testify today at a Senate hearing in Washington.
The Obama administration approved regulations restricting incentive-based sales practices at for- profit colleges. The release of a draft in June slowed enrollment growth at Apollo Group Inc. ’s University of Phoenix.
Tuition and fees at U.S. public universities soared 8.3 percent this year, twice the rate of inflation, to an average $8,244, a College Board report found. Nonprofit private college costs rose 4.5 percent to $28,500.
Republican Senators Richard Burr and Tom Coburn called for an investigation of government disclosure of proposed regulations restricting federal aid to Apollo Group Inc., Education Management Corp. and other for-profit colleges.