For profit colleges such as University of Phoenix, Capella University and DeVry University have been growing dramatically in the past few years. This growth has occurred in part because much of their education is on line and thus convenient for non traditional students. But there is an ugly side to much of the education provided by for-profit colleges.
The problem is that the costs for these educational institutions is usually covered by loans and often students don’t have the jobs after their education to pay for these loans. There is a good discussion of this problem in a Washington Monthly article “The Subprime Student Loan Racket“.
There is nothing inherently wrong with for-profit colleges. But they are often much more expensive than people realize because students often don’t adequately investigate their options before signing up for the programs. If you are considering attending an on-line college you need to do your research into the true cost of the program. Failure to do so may result in you owing substantial debt without a way to pay for it.