Today, American college graduates collectively owe a staggering $1.3 trillion in student debt — the second highest debt category in the country, following mortgage debt and outpacing automobile loans and credit card debt. Over a tenth of graduates ultimately default on their loans.
And, according to a recent report from Brookings Institution, for-profit colleges — a controversial sector of the higher education market now facing intense scrutiny — are playing a major role in the crisis.
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