For-profit colleges would be forced to rely less on federal money under a bill aimed at curbing the marketing of degrees to soldiers and veterans.
The proposed legislation, to be introduced today by Senate Democratic leaders, would require for-profit colleges to get no more than 85 percent of their revenue from federal programs, according to a summary from the office of Illinois Senator Richard Durbin, a co-sponsor. Colleges now can receive as much as 90 percent. They would lose federal funding for exceeding the cap for one year, instead of the current three.
