Stephen Colbert 'University?' Yes. Stephen Colbert 'University' (WATCH)

08/27/2010 08:10 am ET | Updated May 25, 2011

Funnyman Stephen Colbert took on for-profit colleges last night, announcing that he is starting an eponymous "university" to capitalize off of students. "At Stephen Colbert University, we put the "you" in "we make money off of you," he said.

Obtaining admission to SCU, however, seems a daunting task, as Colbert detailed:

"Stephen Colbert University is open to anyone with an internet connection and a letter of recommendation from Benjamin Franklin -- or two from Ulysses S. Grant."

Colbert also interviewed political scientist Andrew Hacker, author of "Higher Education?"

WATCH:

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