For-profit colleges have existed for centuries, but now they’re this new kind of beast. What’s changed?

There’s this great narrative about how many more people are going to college now, but that’s not actually true unless you account for the rise of for-profits. Historically, it’s mostly been women and blue-collar white men who enroll in for-profit colleges to obtain certificates for skilled labor. We can’t say that anymore. Starting in the mid-1990s, for-profit colleges really expanded due to financialization and shareholder investment. These schools now offer bachelor’s degrees and even graduate degrees. The pool of students is only going to grow as the economy continues to grow more precarious.

These schools market themselves as holding the keys to the future.

Yes, if you look at their advertising, much of it is about being “future oriented”—that they’re this new, cutting-edge way to go to school. The colleges themselves, especially the larger ones, trade on that idea. And students believe the marketing.

You call for-profit colleges a “negative social insurance program.” What do you mean?