The collapse of the for-profits proceeds apace.

Drake College, which for more than a century subsisted as the New Jersey Business College, made media ripples when it grew by 400 % in 2009-10.  Then it came out that it was recruiting the homeless into its classrooms.  What a wonderful variation on the scam that has kept many for-profits afloat, and indeed prosperous for far too long: Recruit students, no matter how poorly qualified; get them to borrow money from their Uncle Sam; let them flunk out or give up and default on the loans; meanwhile you've laundered the loans into "profits" for your execs and your shareholders.  And why not give the homeless a warm place to hang out while you're at it?  But now the high times are over and Drake which close its two North Jersey campuses come July.
https://www.insidehighered.com/news/2015/05/22/drake-college-business-close-doors-end-july

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