Despite the efforts of some of the world's largest foreign private universities to set up shop in Australia, none have yet succeeded in making a profit from selling higher education - or even attracting significant numbers of students.
According to the most recent report of Accredibase, the UK-based background screening company Verifile Limited, there was a staggering 48% increase in the number of known degree or diploma mills operating worldwide last year. It identified more than 2,500 bogus institutions across all regions, but primarily in North America and Europe.
For-profit colleges and universities represent the fastest-growing but also most controversial sector of private higher education in the United States. Universities like Phoenix, DeVry and Kaplan have helped turn the for-profit sector into a massive revenue generator and the engine for higher education growth. From 1998 to 2008, for-profit enrolment grew by 225%.