The effects of the proposed "gainful employment" rule?

As I’ve heard Chip note a few times, if the proposed “gainful employment” rule about debt-to-salary ratios combined with default percentages were actually implemented, all of the HBCUs and many other schools would go out of business. Which raises the question of whether the for-profit schools have such poor numbers in these areas because they are unscrupulous or because they look more like the HBCUs in terms of their student numbers.

http://blog.american.com/?page_id=19885#hotspot