CHEYENNE, Wyo. – Wyoming U.S. Senator Mike Enzi has announced that he has introduced legislation that is aimed at ensuring all universities and colleges are using the same standards and regulations.
“Currently, for-profit colleges are not allowed to receive more than 90 percent of their revenue from federally funded student aid.” Enzi’s statement said.
This aim of this legislation would be to apply the ’90/10″ rule to every institution of higher learning.
According to The Brookings Institute The 90/10 Rule was enacted in 1998 to help combat waste, fraud abuse of federal financial aid programs for higher education. It limited the share of revenues an institution could receive from federal aid programs to 90. The 90/10 Rule was changed from the earlier 85/15 Rule that had been created in 1992.
“The 90/10 rule was created to ensure for-profit colleges are providing a valuable education to their students and not simply relying on money from the federal government to keep them afloat,” Enzi said.
If the legislation is passed it would mean that colleges that are not in compliance could be ineligible to receive federal student aid.
“This bill aims to hold all colleges to this (90/10) standard. We should make sure that all institutions of higher education are fairly held to its requirements and providing that value.” Enzi said.
The full proposed legislation is available here.
