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The Long and Controversial History of For-Profit Colleges

Oct. 25 (Bloomberg) -- Advertisements touting for-profit universities are everywhere. Schools such as Apollo Group Inc.’s University of Phoenix peddle instruction in person and online, promising that students can earn their degrees on their own time, in their own homes -- even in their pajamas.

The growth of such institutions has sparked controversy, partly because of their reliance on federal financial aid and the high default rates of their students.