Every time one turns around there is a another scam uncovered.
This time it involves many of our For-profit colleges like the University of Phoenix, that have figured out how to make millions of dollars and get us, the taxpayer, to fund them.
The scheme involves selling college programs to the homeless and to those in half-way houses and getting US to pick up the tab.
Bloomberg’s Business Week disclosed this scam in its latest edition.
The lede is about an unemployed high school dropout, who attends Alcoholics Anonymous and had been homeless for 10 months, yet he has been receiving numerous calls from University of Phoenix reps after filling out an application form.
The article says that most of the profit made by these colleges come from federal grants and loans, which students like the high school dropout, are unlikely to pay back.
