Students at For-Profit Colleges Earn Less, Study Says

Applicants deciding between for-profits and nonprofits should also weigh their loan packages.

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Despite his criticism, Erickson stresses that University of Phoenix doesn't deserve all the attacks it receives. "It's not a diploma mill like people say; that's a bunch of crap," he says. Phoenix has every right to make money, he adds. "Any for-profit organization, that better be what they're there for." 

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