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For-profit college representatives and advocates are meeting right now in Washington D.C. as the federal government takes a closer look at the financial aspects of these colleges and universities.

Federal officials are reviewing for-profits and their use of government money and aid to their students.

Concern has increased recently over the number of college students, from both for-profits and not-for-profits, failing to pay their student loans. Of all borrowers due to begin repaying their federal loans in 2008, 7.2 percent of them had defaulted, according to the Education Department. For borrowers at for-profit schools, 11.9 percent of them defaulted.

Congress aims to update quality assurance guidelines and federal aid regulations for all educational institutions.

What does this mean for students?

While students can expect high-quality education experiences at most colleges and universities, now they can be assured that the curriculum, staff, and technology will be assessed even more closely.

Additionally, students will now need to be extra careful when applying for financial aid. As always, they must make sure to research all financial aid options available and to thoroughly comb through scholarships, grants, and student loan availability before accepting any payment. Get the facts before signing any loan agreement; learn more about student loans.

What do you think? Are for-profits responsible for students defaulting on loans? Should the government or school better prepare students for the repayment process?

For more coverage of this issue, please visit The Chronicle of Higher Education.

Filed under: Higher Education News

Tags: financial aid, government