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A new Senate education committee report on the nation’s for-profit colleges paints a disturbing picture of billions in taxpayer dollars being spent on student aid, with precious little to show for it.

Tuition at these colleges tends to be pricey, with associate degrees costing at least four times as much as comparable community college programs. Yet many of the credits students earn are not transferable to other institutions and often don’t qualify them for the professional licensing they need – despite what the TV commercials claim.