Education Management Corporation (EDMC), a for-profit college chain that enrolls nearly 150,000 is charged with illegal practices to increase federal student aid revenue. The college chains that are part of EDMC include the Art Institute, Argosy University, Brown Mackie College and South University.  Goldman Sachs owns 40% of EDMC.

This is the first time that the Justice Department has joined such a case, which is one of many charged against the for-profit college industry. For-profit schools enroll about 12 percent of the nation’s higher-education students while receiving about a quarter of all federal student aid. These institutions receive more than 80 percent of their revenues from federal student aid.

Read the entire article, “U.S. to Join Suit Against For-Profit College Chain”