Luke Herrine —
Betsy Devos’s Department of Education spent the summer finalizing its plans to defang Obama-era regulations strengthening consumer protection regulations of for-profit colleges. Undoing these regulations will keep federal funds flowing to companies that line investors’ pockets by imposing a lifetime of indebtedness onto working-class individuals under false pretenses. The ongoing challenges to their delay and repeal (one of which just won in district court!) are thus crucial.
But that does not mean that we should celebrate the regulations themselves as victories for progressivism. They are a prime example of the limits that neoliberalism has imposed upon the progressive imagination. From a law and political economy perspective, it is clear that for-profit colleges have become a wealth extraction strategy in which financiers create a revenue stream by using the societal promise of class mobility as a lure to lead structurally disadvantaged individuals into unpayable debt. Shifting from a neoliberal to an LPE lens makes it clear that eliminating for-profit colleges is the first step to a truly progressive vision for the role of higher education in society.