S. 4701 seeks to change the Higher Education Act of 1965 to better protect students and taxpayers by focusing on how proprietary (for-profit) colleges manage their revenue. It introduces the "85/15 rule," requiring these colleges to earn at least 15% of their revenue from...
Simple Explanation
S. 4701 is a rule to make sure that for-profit colleges get enough of their money from places other than the government, so that students and taxpayers are better protected. It says these colleges need to get at least 15% of their money from different sources, not just from government funds.