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For-Profit Colleges Game Student Loan Defaults, Harkin Says

Iowa Senator Tom Harkin said for-profit colleges work to delay student loan defaults to maintain their eligibility for federal aid, which makes up as much as 90 percent of the companies’ revenue.

Harkin, a Democrat and chairman of the Senate Health, Education, Labor and Pensions committee, released e-mails at a hearing in Washington in which for-profit college employees celebrated their success in pushing back student defaults.