Enrollment at for-profit colleges has "plunged" in recent months, by more than 45 percent in some cases, the Wall Street Journal reports, as the empty promise of these "subprime schools" comes to light to potential students. The colleges "have pulled back on aggressive recruiting practices amid criticism over their high student-loan default rates," and "many would-be students are questioning the potential pay-off for degrees that can cost considerably more than what's available at local community colleges." The Washington Post Co.'s Kaplan reports enrollment down 47 percent while large for-profit operator Corinthian Colleges Inc.'s stocks sank to an 11-year low. The schools receive millions in taxpayer subsidies via student loans, but often deliver a sub-standard education. For these reasons, the Justice Department has joined a lawsuit against the industry.
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