Jack Welch put a considerable pile of his personal loot into a private for profit university. 80%+ of the university's revenues come directly from student loans and another 10% from VA. (Cancellor University)Under the Bush system, a student could attend an online university for six terms and never do anything but log on once each term. The student gets a nice fat cost of living check each term and the school gets the tution. At the end of six terms the student SAPs out and owes the money to the government. The school counts the profits. Obama stopped all that. Now if a student fails the school pays the loan for that term. "ouch" Stopped that welfare racket the schools were running dead in its tracks and it was worth billions. Look at the hit the for profits took on this. Boy do they hate government regulation. Another reform Obama initiated was the kick back from banks to the schools for steering student loans their way. That was smaller bucks but still substantial. Wonder why the big bankers hate Obama.
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