Political Quotes

“I have come to the floor of the Senate many times over the last several years to discuss an aspect of higher education only few people even know exists. The so-called for-profit colleges. This disgraceful industry enrolls 8 percent of all postsecondary students in America--8 percent--and yet accounts for 30 percent of all Federal student loan defaults. Those two numbers tell the story. For- profit colleges get 8 percent of the students and are responsible for 30 percent of the student loan defaults. Why? For obvious reasons. They are too expensive. They charge a higher tuition than community colleges or even many private colleges. Secondly, the students don't end up finishing because they get mired in debt. And third, if they end up with a degree, it turns out to be virtually worthless. When I think of cases that we have looked into in Illinois, in Chicago, of the exploitation of well-meaning students, sometimes the first in their families to go to college, who are lured in by the siren song of the marketing of for-profit colleges--they sign up, sign all the papers, turn over all their Pell grants, then sign up for Federal student loans and other private loans and have a disastrous experience where they can't even finish. They are so deeply in debt or, if they finish, they find their degree was worthless.…”