BusinessWeek: Obama Plans New Rules as For-Profit Colleges Mobilize:
The Obama Administration is gearing up to produce tougher regulations that may reduce the amount of federal financial aid flowing to for-profit colleges, cutting the companies’ annual revenue growth by as much as a third…Federal aid to for-profit colleges has become an issue as it has jumped to $26.5 billion in 2009 from $4.6 billion in 2000, according to the Education Department, prompting concern that these students are taking on too much debt.
Monroe College, based in New Rochelle, is a for-profit enterprise that relies heavily on Pell Grants and other forms of government funding paid out to students who then enroll in Monroe College. The school has expanded rapidly in New Rochelle and recently entered into discussions about the possibility of housings its men’s basketball program in a the New Rochelle Armory
