For-profit schools serve no purpose other than workforce training. If students are not getting jobs that pay well enough to pay back the loans they borrowed to go there, then it amounts to fraud.
Traditional higher education has never placed "WE'LL GET YOU A JOB!" at the forefront. College was originally basically finishing school for children of the elite. That is no longer the case, but there is still a personal development aspect.
I don't think a person who majored in gender studies at Sarah Lawrence College is going to go straight into a $60K/year job immediately after doing that, but that's not why most people are majoring in gender studies at Sarah Lawrence. However, someone who is majoring in information systems at the University of Phoenix very obviously intends to work in IT and if they cannot do so, that is a problem.
I'd also say that the person who majored in gender studies shouldn't bitch about student loans. If you want to go to school for four plus years to get a degree in something society finds so worthless nobody will pay you to do it, you shouldn't expect society to pay for it....but that would be a hijack, so I"m not going to do that 
The idea behind post-secondary education was to make the students within them better people so that when they get a chance at roles of leadership they will make moral and intelligent choices. If someone graduates from college and gets a job at the plant and becomes a shop steward, then that is no waste.
Training someone at a modest program to get a modest result for a modest cost -- let us say becoming a hairdresser -- is in theory an acceptable use of educational resources so long as one has a good chance of getting such a job. But such a training program typically recognizes its limitations. Who knows? The person with a degree in an unmarketable field might be just the person that one might want as a bartender after a short course on 'mixology'.
...I recall some of the bad educational institutions, mostly under the umbrella of Corinthian Colleges, that promised excellent vocational results for students who didn't fit traditional models for college students. These schools advertised heavily on daytime TV (real college students watch little television of any kind) -- really-bad daytime television. The sort in which chairs might fly or in which someone might be exposed with "You are the father!". That's even worse than the game shows and wash-day weepers. I'm guessing that many of the people who watch such programming are either unemployed or work awful jobs on the night shift and hate it.
But why should we be surprised? Profit is the only virtue that the Trump Administration recognizes. All must bow down to the Great God Mammon -- Trump's real god.
