Thursday, February 13, 2014
BOSTON — Two top Massachusetts elected officials are trying to tighten regulations on for-profit colleges, arguing some of the schools are leaving students with high debt and without the skills needed to land a good job.
U.S. Sen. Elizabeth Warren has filed a bill she said will protect student borrowers by requiring colleges to assume some of the risk of student loan default.
Attorney General Martha Coakley is proposing new state regulations prohibiting for-profit and occupational schools from using misleading advertising and unfair lending practices.
Warren and Coakley say some for-profit schools are reaping the benefits of federal student loans without doing enough to ensure the success of their students.
The schools say they are providing a critical educational and training service for low-income adults trying to improve their jobs skills.