Some Americans are gung-ho about the private sector. They like to say that anything the government can do, business can do better.
How do we then explain the fact (taken from statistics maintained by the Department of Education) 1 out of 4 students at Kaplan University, one of the three largest private for-profit universities in the United States, default on their student loans within three years for inability to pay?
What kind of success is that?
Kaplan University is headquartered in Davenport, Iowa. By comparison (drawing from the same dataset) only 1 out of 20 students at Iowa State University and 1 out of 25 students at the University of Iowa enter into default on their student loans within three years.