I’d imagine the barriers to entry would be very high.
If you're speaking of college admissions, i agree, and certainly hope the barriers would be high.
After all, one would want an education for the outlandish sum of money they paid.
--my wife is a pharmacist. She started out her work career as a pharmacist with a $200,000+ student loan debt...that she paid off in six years.
One would certainly HOPE that her education dealt with PHARMACY, and not Title IX bovine scatology.
Having strict private standards...BTW, Underwriters Laboratories is an industry funded double blind organisation, and without that UL sticker, your product is in serious trouble...would make everyone sit up and take notice.
The same type of "industry standard" applied to private higher education would put an end to a lot of nonsense.