It is now widely acknowledged that many for-profit colleges engaged in unsavory practices to maintain the flow of taxpayer dollars. By marketing to veterans and low-income students eligible for the maximum amount of federal financial aid, owners grew their schools rapidly, while overcharging and under-delivering along the way. In many cases, these schools were less than honest about the value of the degrees they were awarding, and the likelihood they would lead to jobs. As the evidence mounted, however, denial was no longer a viable option. Student loan defaults were shown to be growing. Complaints were piling up, as students' stories were being told in newspaper exposés and television documentaries. However the same pattern of behavior by owners of for-profit colleges created similar, major damage before:: after the first GI Bill in the 1940s and 1950s; when soldiers returned from Vietnam in the 1970s; and with the expansion of federally guaranteed student loans in the 1980s. By better understanding what happened before, and how it was handled, Congress and the administration can avoid repeating the errors of the past, protect consumers and taxpayers, and ensure that all students have access to quality college options and preparation for careers.