There go the profits

A study commissioned by for-profit higher ed concludes that 44% of their student bodies would lose loan eligibility under the proposed gainful-employment rules.
http://www.insidehighered.com/news/2014/05/27/gainful-employment-will-hit-profits-and-their-students-hard-industry-study-finds#sthash.enSOBDKj.dpbs

Another way of interpreting this data is that 44% of the people they are admitting have no business being in college.  This is what I have repeatedly argued is the churning phenomenon on which many for-profits' profits depend:  Admit unqualified "customers," get them federal loans; let them drop out and default; pocket the tuition.

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