Obama calls on Congress to pass bill limiting federal funding of for-profit colleges

WASHINGTON (WLS) -- President Barack Obama on Wednesday called on Congress to pass a bill that could change the for-profit college industry.

Illinois Sen. Dick Durbin introduced the bill, which would stop "for-profit" colleges from receiving more than 85 percent of their revenue from the federal government. Durbin says some for-profit schools have unusually high loan-default rates and lack proper accreditation while aggressively targeting veterans and service members.

In October the I-Team reported about for-profit colleges in Illinois being investigated or sued by the Illinois Attorney General.