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we invest over thirty seven million back institutionally to assist students through scholarships and grants to subsidize the additional money that they don't have besides what they get from pell or tap in new york or tag in new jersey

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asr_en

the question is what was going on we also know that department officials elicited negative information about forprofit colleges from the secret cabal and the information was provided even when it was deceptively collected

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asr_en

those relatives of mine around 73rd and hoover and going further into south central who did not receive education are either dead in jail or on welfare

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asr_en

i mean let's look at the real issues of education if we are serious you know across the board rather than just sort of looking at one thing and picking on it and staying with it

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asr_en

and one of the other disturbing things about herzing's website is there's a link on it to tuition and instead of talking about the actual cost of attending herzing it says unfortunately a simple comparison of tuition price won't give you enough information to compare the true cost of attending school is it all bothersome to you that your alma mater would not be willing to give students who are considering enrolling there an opportunity to make comparisons of the various cost of attending herzing as opposed to some other school i don't believe that herzing withheld that information

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asr_en

and i want to thank the witnesses for testifying

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i would like to make it clear at the outset that the entire focus of every conversation we should be having about higher education is whether students are achieving progress toward a degree at a reasonable rate and whether the federal dollars being invested in any of these institutions meets the expectations of taxpayers who are providing that assistance whether that's a forprofit college a nonprofit college a private college or a public institution

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asr_en

and thank you for the opportunity to participate in this hearing today on this

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we can reach but one conclusion it should be the primary goal of the federal government to provide as many young minority americans as broad a range of educational opportunities as possible

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i want to thank our witnesses for being here today

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asr_en

i don't agree with you that regulations make markets work better necessarily but i do think that having information is very important which is a big point that you made

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asr_en

i will point out to you a note that congressman roe has just handed to me that points out that in two thousand and six the amount spent on pell grants was one hundred and twenty four billion and the amount scheduled to be spent on pell grants for two thousand and twelve is forty nine billion

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asr_en

so they can't go to the public institution because they're full then they come to us and we do a very good job

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i think it's also very difficult from the federal side to really able to coordinate the ability to gather all the data and then having a matrix that allow them to determine and make decisions for institutions without having all that's connected

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asr_en

mr petri

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we know the secret meetings took place between department officials and wall street short sellers that were placing heavy bets against the share prices of forprofit schools

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asr_en

could you point that out you made a great point a minute ago is that you're not really comparing do you agree with that absolutely sir

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asr_en

most people assume that forprofits are all online colleges

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my problem would be what's the outcome and unless we start judging these things by the outcome it's good that forprofits chase after abused women if they serve them that's fine and that's what i think this regulation does

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asr_en

the penalty part of this is very marginal frankly it's only two of the total it's capped at five

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what if you were a used car dealer and you went to the bank and said i want to borrow money but seventy of my customers are gonna default i don't think you'd get a loan from the bank for your usedcar business

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so let's talk for a moment about that

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