Saturday, August 7, 2010
Woman gets a degree to strip
Aug. 6 (Bloomberg) -- Carrianne Howard dreamed of designing video games, so she enrolled in a program at the Art Institute of Fort Lauderdale, a for-profit college part-owned by Goldman Sachs Group Inc.
These days, the 26-year-old makes her living in a way that doesn't require a college diploma -- by stripping at a topless club.
Like many investors, Goldman, owner of 38 percent of the Art Institute's parent, Education Management Corp., was drawn to for-profit colleges by their rapid growth and soaring stock prices. Bloomberg's Cali Carlin reports.
The government is cracking down on the 'for profit' colleges because the student loans are heavily subsidized by the federal government.
Unfortunately , many of the 'for profits' have weak academic programs and they are unable to place students in jobs.
The student ends up being stuck with a big loan and a useless degree.
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