Executive produced by news legend Dan Rather, Fail State investigates the dark side of American higher education, chronicling decades of policy decisions in Washington DC that have given rise to a powerful and highly-predatory for-profit college industry. With echoes of the subprime mortgage crisis, the film lays bare how for-profit colleges exploited millions of low-income and minority students, leaving them with worthless degrees and drowning in student loan debt. Director Alexander Shebanow traces the rise, fall, and resurgence of the for-profit college industry, uncovering their Wall Street backing and incestuous relationship with the regulators and lawmakers charged with overseeing them.