TIME

What comes after for-profit colleges’ ‘Lehman moment’? Possibly an education crash

JUST AS THE FALL OF LEHMAN BROTHERS IN 2008 HERALDED a much larger economic crash, the September shuttering of the ITT Technical Institute chain of for-profit colleges signals a broad crisis in higher education. ITT, which taught electronics, computer-based design, criminal justice and other careers to 45,000 Americans last year, had collected $5 billion in federal aid since 2010. Last month, citing failures of financial responsibility and federal fraud charges, the Department of

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