Hmmmm? Interesting you should mention this idea.
I founded http://www.defaultprevention.com in 1998 knowing that defaults were the only item preventing success at the for-profits.
If you recall in 1987 Clinton administration created the default rules that closed down 50% of the for-profits due to default rate issues. It was just a matter of time before the public non-profit sector created a new set of rules to build a higher fence to keep out the for-profit sector. Voila, “gainful employment”.
Yet, we all knew that the default rate approach to gate keeping was going to be short lived when, after all, students could just apply forbearance and deferments and push themselves out of the default rate reporting period.
let’s face it the default rates are not an indicator of quality, and neither is the “gainful employment” rule. The public sector impact on the taxpayer is, and always has, hidden behind tax dollars that cannot be counted and fingerpointing at the for-profits will continue forever.
Public and non-profits hate the for-profits and that is the way it will always be.
Go back 400 years and who held the educational strings? Hmmmmmm? some things never change!