(Bloomberg) — For-profit colleges more than doubled spending on lobbying and hired six former members of the U.S. Congress this year to fight regulations that threaten the industry. Ten education companies and their trade association spent $3.8 million on lobbying in the first nine months of 2010, up from $1.5 million in the comparable period last year, according to reports filed with Congress. For-profit colleges are resisting a U.S. Department of Education proposal to restrict funding and objecting to a law that limits their revenue from government sources. The proposed restriction, called “gainful employment,” would tie eligibility for federal student-aid programs to graduates’ incomes and loan repayment rates.
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