3 minute video link on massive student loan debt that must be absorbed by taxpayers.

For-profit colleges (such as University of Phoenix, Art Institutes, and Capella University) are recruiting incompetent students by helping them acquire federal loans they cannot possibly pay back. These unregulated loans and predatory lending are similar to the loans given by banks for housing prior to 2008. These new educational loans will soon ultimately have to be absorbed by taxpayers because of default of the students who have such massive, unpayable debt. Rock Center: For-Profit schools scrutinized as student loan debt grows July 19: Nationwide, student loan debt is at a record high of $1 trillion. Colleges across the country are under scrutiny, but nowhere is it more intense than at for-profit colleges. The $30 billion dollar industry has come under fire on Capitol Hill. Natalie Morales’ full report airs Thursday, July 19 at 10pm/9c on NBC’s Rock Center with Brian Williams.