How to evaluate a for-profit college: a consumer's guide

Commercial schools have been around for centuries, providing training in fields such as accounting and construction that loftier educational institutions did not always offer. America's first billionaire, John D. Rockefeller Sr., completed a course at one such school, Folsom's Business College in Cleveland, 1855.

But these days, for-profit colleges are under fire.

Federal investigations found many for-profit schools have low rates of graduation and job placement, and they target low-income students who are eligible for federal loans.

The schools pocket the loan money for tuition, but when students drop out or can't find jobs, they can't repay those loans.

If they default, the taxpayers lose, too. For-profit students make up 47 percent of all federal student loan defaults, according to a 2012 Senate investigation.

And yet, the appeal these schools hold is understandable.

They're often easy to get into, and they do a great job marketing themselves as a way to enter careers in trendy or growing fields like technology, marketing or health care.

"For-profit schools do offer a practical option for many seeking education and training in high-demand fields. Otherwise these schools would not survive," said Richard Ruch, former dean at DeVry University and author of the book "Higher Ed, Inc.: The Rise of the For-Profit University."

Here are some tools for evaluating the quality of for-profit colleges.

While it's especially important to do your homework if you're considering a for-profit school, these resources can be used to judge traditional colleges as well.

National Center for Education Statistics

The National Center for Education Statistics at nces.ed.gov/ offers data collected and analyzed by the federal government.

Under "School Search," click "College Navigator," and on the left-hand side of the page, pick a state or type of institution, or type in a school name. Listings for individual schools say whether they are for-profit, public or private not-for-profit schools.

Each listing contains a wealth of data, from tuition prices to campus security, which includes crime statistics.

The education resource site Noodle.com offers up much of the NCES data in a more user-friendly format, along with other information.

Accreditation

Is the school you're looking at accredited, and if so, by whom?

"The accreditor should be one recognized by the U.S. Department of Education as a reliable authority on college quality," said Linda Suskie, assessment and accreditation consultant.

Accrediting agencies recognized by the U.S. Department of Education are listed at ed.gov/admins/finaid/accred/accreditation--pg6.html.

Online reviews

Online reviews can offer valuable opinions and anecdotes about schools.

But as with all online reviews, some individuals who post negative or glowing comments may have ulterior motives, whether it's an axe to grind or a vested interest in making an institution look good.

That said, it's worth seeing what folks are saying about your target schools on sites like StudentsReview.com, Colleges.Niche.com and CollegeConfidential.com.