The higher education system in America is in need of significant reform. Twin challenges of high cost and low quality require attention from federal policymakers--who oversee tens of billions in federal aid to colleges and universities annually. In recent years, some policymakers, most notably during the Obama Administration, have singled out for-profit universities for additional federal regulation. However, targeting for-profit colleges, many of which are meeting the needs of students historically underserved by "traditional" universities, is not the way to improve outcomes sector-wide. The vast amount of taxpayer subsidies that Congress pours into the entire higher education system is the issue that deserves scrutiny, and should be the primary focus of any Higher Education Act (HEA) reauthorization. [This report was prepared by the Heritage Foundation's Center for Education Policy.]