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For-profit colleges often have poor 'outcomes' for admitting anyone with a high school diploma. Some students thrive on this opportunity but many bite the educational dust.
Let's imagine two people are starting a basketball team. The first person is highly selective and only picks the very best players. They scout potential players, the make them go through rigorous tryouts and they cut anyone who doesn't live up to their standards. The second person lets anyone sign up to play. Which is most likely to win more championships? The problem with this model, of course, is that schools take credit for the success of their graduates even when they might not deserve so much credit. When you are recruiting cream of the crop, highly competitive individuals the likelihood they will succeed in the real world is higher. Harvard didn't make Bill Gates or Mark Zuckerberg. They weren't successful because of Harvard. They were successful because they were the highly competitive top performers that Harvard recruits. Note: Bill Gates may have benefited from Harvard more than the Zuck because Gates went to Harvard at a time when they were able to give him much more computer time than a lot of other schools. But Gates also had much more computer time prior to arriving at Harvard than any of his peers because of a special program at his high school. In any case there is a reason why everyone who went to Harvard with Bill Gates at the same time as Bill Gates didn't become as wildly successful as Bill Gates.
You're...kidding, right? You don't think that you just walk over and sign up for an Ivy League institution, do you? You are aware that not just anyone can sign up at MIT like a community college, right? Elite schools recruit from tier 1 private schools and, even then, only the top 10%+ have a shot at admission. People pay big bucks for consultants just to make their precious little snowflakes look better to admissions officers. I'd say that's a pretty intense tryout.
Personally I would take the worst looking candidates, sprinkle a few people with some potential, give them each their own class, then try to take over the university.