Downfall of ITT Technical Institutes was a Long Time in the Making, by Patricia Cohen. (The New York Times, 9/7/2016)
Feeding greedily on taxpayer dollars. For-profit colleges were a magnet for billions of dollars in federal student loans and grants to low-income students. In 2010, they gobbled up more than $32 billion, a quarter of all federal financial aid, nearly double their share less than a decade earlier, the Senate committee inquiry found. Hundreds of millions more flowed in from the Pentagon and veterans’ programs through the G.I. Bill.
For ITT, the total haul in federal dollars that year equaled $1.1 billion. Absent that steady stream of public funds, these privately managed businesses would collapse. [emphasis added]