Does for-profit education work?

I found this to be particularly thought provoking:

The Senate committee found an average dropout rate of 57 percent within two years of enrollment at 16 unnamed for-profit schools. More than 95 percent of students at two-year proprietary schools, and 93 percent at four-year schools, took out student loans in 2007, the committee found. That compares to fewer than 17 percent of community college students and 44.3 percent of students at four-year public schools. Students at for-profit schools also account for nearly half of all student loan defaults, the committee found.

“Some for-profit schools are efficient government subsidy collectors first and educational institutions second,” the committee concluded in its report.