Report: For-profit schools making a killing on GI Bill

A report by CNN Money says the Department of Veteran Affairs paid out $4.4 billion to over two years with for-profit private schools collecting nearly 40 percent of that money, but just one out of four veterans left with an education.

The report says the veteran graduation rate at such schools is just 28 percent — less than half the rate at non-profit and public colleges and universities — for all students.

Their two-year analysis showed much of GI Bill funding was being spent at for-profit schools, while hundreds of millions of dollars less being used at more esteemed colleges and universities.

The GI Bill only covers up to $17,000 per year at private schools, CNN reports, but tuition at schools like the University of Phoenix and DeVry are much higher — six times higher than a community college — forcing veterans to take out student loans.

CNN reports the government has accused some schools of recruiting veterans using misleading recruiting practices.

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