Nothing, according to the speakers on a panel at the recent American Legislative Exchange Council meeting. My Pope Center colleague Jane Shaw writes here about that panel and the issues it raised.

The widespread hostility toward for-profit colleges is hard to fathom. What is bad about trying to keep your costs below your revenues? Or, looking at it the other way, what is necessarily right and noble about running an organization with the requirement of spending every dollar that comes in? The assumptions that the former is bad and leads to poor quality and that the latter is good and leads to high quality is belied by mountains of evidence — in education and elsewhere.