When higher education goes wrong, once-hopeful students can be saddled with debt, no degree, fewer resources and less will to pursue education in the future. Costs, debt and earnings vary greatly depending on the type of institution running the program. Career training programs at for-profit institutions, also known as proprietary schools, have come under scrutiny for producing an outsized share of dubious outcomes. Ohio does little to protect students and public dollars from these corporations. Rather, the state's financial aid policy incentivizes risky enrollment. The state's need-based aid system preferences for-profit career colleges over more accountable and transparent public institutions. The sector is self-regulated in the state, operating largely outside the Ohio Department of Higher Education. This must be corrected. Ohio should eliminate student aid to the sector and institute real oversight measures. As it now operates, students and the state are spending millions on profit-seeking schools, truly a risky business. [This report was also made possible by the support of the Fowler Foundation and Saint Luke's Foundation. For the executive summary, see ED591116.]