Political Quotes

“I want to start this morning's presentation on the floor of the Senate with a question. What is the most heavily subsidized private business in America--the for-profit business that receives more Federal subsidies than any other? Is it a defense contractor? No. Is it some farming operation? No. The most heavily subsidized for-profit, private business in America today is for-profit colleges and universities. Why? Because the revenue they receive from the Federal Government accounts for 85, 90, 95 percent or more of all of the revenue they take in. How can that possibly be? How could you run a private for-profit business and have a Federal subsidy of 98 percent? How is that possible? Here is how it works. A student graduates from high school. The student applies to a for-profit college or university. The for-profit college or university accepts the student on the condition that the student sign over Pell grants--Federal money--and the student's Federal Government loan. The student signs over the Pell grant, signs over the loan, and is enrolled in the school. This for-profit school now is home free. They admitted the student. They received all the money from the student, and the student is headed for classes. It works only if the student, at the end of the day, ends up with some value in their education--some experience that helps them go on to get a job to pay off their student loans.…”