And it would make sense: for-profits would disproportionately cater to nontraditional and marginalstudents, a bit like Ipesup does for the French upper crust.
Its impulse is to grow by recruiting and retaining ever more marginalstudents without any consideration of marginal utility--whether the result is worth the effort.
If that money had to be borrowed and repaid, the investment in education could quickly become marginal compared to alternatives, especially as college students are a self-selected group who would probably earn more than the average high school graduate anyway.