hannah moore has been to my press conferences twice. she went to one of these awful for-profit schools and ended up with $120,000 in debt for her bachelor's degree and a worthless diploma. she couldn't get a job. the debt is now closer to $150,000. she can't pay it. here she is barely 30 years old with over $100,000 in debt for a worthless diploma. that's the extreme. but for 10% of the students graduating from high school in america today, those are the schools they go to, for-profit colleges and universities. and who are the biggies? the university of phoenix, number one. devrys university from illinois number two. kaplan university, which used to own "the washington post." these are the big ones. remember three numbers when you think about the for-profit colleges and universities. 10% of high school students go to these schools. these schools get 20% of the federal aid to education because their tuition is so outrageously high. 20%, over $30 billion a year going to this industry. and here's the kicker. 46% of all student loan default

i mentioned to you earlier hannah moore, or at least i want to make reference to hannah moore. i spoke about her on the floor. she is from chicago. what a sweet young lady. she made a fatal mistake. she went to one of these for-profit colleges in chicago called the harrington college of design. great advertising if you've seen it. do you know what her reward for pursuing the american dream by seeking a college education at this for-profit school was? it was $124,570 in student debt, much of it from private loans for what is basically a worthless, worthless diploma from the for-profit college. her story isn't unique. and i just saw her last monday and the debt has gone up. it is now over $150,000. this poor, attractive, smart and determined young woman doesn't know where to turn. her life looks like a brick wall when she looks ahead. i think she's 30, maybe 32. can you imagine? that's what she has in store, having thought she did the right thing and went to that college and got this degree which she thought was worth something. turns out it wasn't. the federal reserve bank in ne