For-profit colleges rake in federal funds: Don't participate!

The Associated Press reports

that huge for-profit college chains are raking in huge sums of federal student loan dollars.

According to the AP, "Last year, the five institutions that received the most federal Pell Grant dollars were all for-profit colleges, collecting more than $1 billion among them. That was two and a half times what those schools hauled in just two years prior, the AP found, analyzing Department of Education data on disbursements from the Pell program, Washington's main form of college aid to the poor."

The problem isn't that for-profit colleges are evil: it's that they're at a huge competitive disadvantage. Non-profit public colleges benefit from state funding, endowments, and they don't have to pay taxes.