U.S.-Brokered Bailout Of For-Profit Colleges Treats Students 'Like Financial Assets'

Some 39,000 college students will soon stop making tuition payments to a company that state and federal regulators allege advertised bogus job prospects to lure low-income Americans and instead will pay a federal contractor accused of abusing bankruptcy proceedings fighting troubled borrowers. Educational Credit Management Corp. -- a Minnesota-based nonprofit known as ECMC Group that derives most of its revenues from taxpayer-subsidized student loan activities, will pay $24 million to buy more t...