For-Profit Colleges Hemorrhaging Students

As consumers wise up about education spending, for-profit colleges are getting schooled.

Institutions such as Apollo Group Inc.'s APOL -1.73% University of Phoenix, DeVry Inc. DV -3.07% and Washington Post Co.'s WPO -0.72% Kaplan--who only a few years ago reported double-digit student gains on a regular basis and posted hundreds of millions in profits--now are hemorrhaging students.

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