The number of students enrolling in for-profit colleges and universities over the past two decades has skyrocketed, yet little is known about how much these degrees benefit individuals in the labor market.  The responses of policymakers and the general public regarding the value of for-profit institutions are often extreme; some believe that these institutions reduce educational inequality while others suggest these institutions encourage students to take on massive amounts of debt for no real economic payoff.  To explore this question, I conduct a field experiment by applying for jobs online using fake candidates and resumes listing either some college experience at a moderately selective institution, a completed degree from a for-profit institution, or a completed degree from a moderately selective institution.  The results suggest that degree holders from for-profit institutions receive only one-third as many call-backs for job interviews as degree holders from moderately selective institutions.  Moreover, degree holders from for-profit institutions receive similar numbers of call-backs for job interviews as individuals who have only completed some college at a moderately selective institution.  These results strongly suggest that the economic costs of attending a for-profit institution dwarf the economic benefits.