The for-profit college industry saw a dramatic shift in the 2000s, with enrollments skyrocketing to 1.7 million, while public colleges grew only 31%.
By 2012, the for-profit sector's profits soared, with net profit margins of 55%, significantly benefitting shareholders at the expense of students' debt.
Increased enrollment in for-profit colleges represented a shift from traditional mom-and-pop operations to large, publicly traded institutions focused on profitability.
The influx of federal funds and loans fueled the for-profit education boom, allowing companies like Apollo to bring in over $1 billion annually.
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