With private student loans harder to come by, for-profit colleges are making more loans to their students, even while acknowledging that many of the loans will go into default, according to a report released on Monday by the National Consumer Law Center, an advocacy group for borrowers.
After the 2008 market crash, many banks stopped making subprime private loans and ended relationships with for-profit colleges. Since then, all of the large for-profit higher-education companies, except the Apollo Group, parent company of the University of Phoenix, have expanded their institutional loan programs, according to the report.
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