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Durbin calls for more regulations of for-profit colleges

Some federal officials in Illinois are renewing calls for stricter regulations of for-profit colleges. For-profit colleges like Everest advertise heavily on TV.

COMMERCIAL: You keep procrastinating. Over and over. Well maybe I'll go to school next year or maybe next semester. No. Do it right now.

Schools like Everest College are causing U.S. Sen. Dick Durbin, D-Illinois, to repeatedly call for more regulations. At a hearing in downtown Chicago Thursday, Durbin told reporters he thought many for-profit schools like Everest don't have proper accreditation and waste students' time and money.

"We know that many of them are failing miserably when it comes to providing a good education and they are trapping these young people in a debt they will never, ever be able to repay," Durbin said.

He said the federal government should cut funding to those schools.

Meanwhile, a spokesman for the parent company of Everest College defends its accreditation and says further government regulations would hurt low income students.

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