The game of for-profit whack-a-mole by the government started with GI money after WWII and continues to this day. Nothing new but nicely summarized in the article.
Last paragraph: "Surviving for-profit firms are already shifting tactics: some are focusing on graduate education, where accusations of predatory practice have been less common. For-profit colleges now award nearly 10% of masters degrees in America—and a whopping 40% of business doctorates. Others are trying to convert themselves into non-profits. Purdue University, a well-regarded public college in Indiana, has bought the for-profit Kaplan University in the hope of launching an online school.
Some acquisitions are more baffling, though.
The Dream Centre Foundation, a small non-profit associated with the Pentecostal church, recently bought schools owned by the Education Management Corporation, which saw the value of its stock fall by 99% from its peak and its bonds rated as junk, after a parade of mis-selling scandals and investigations by federal and state governments. Critics describe such moves as a rebranding exercise designed to dodge regulation. If the past is a guide, those fears are likely to go unheeded—at least until the next scandal."