rule gives colleges four years to pass the so-called "gainful employment" test, and critics like david halperin say the industry now has more time to fleece students. >> it's a rule that is not as strong... nearly as strong as it should be for protecting america's students and america's taxpayers, but it's a step in the right direction. >> reporter: harris miller disagrees. he represents for-profit colleges in washington and says industry leaders will meet this weekend to consider whether to try to block the new regulations in court or by lobbying congress. >> if it does impact hundreds of thousands of students and it will deny them access to higher education-- and i do mean deny, because these are students who rarely have choices-- then that's a very bad public policy. >> reporter: the american council on education's terry hartle gives the new rule mixed marks. he says it will curb some abuses, but the regulations are extremely complicated. >> it will have an impact; we just don't know exactly who it will impact or how. >> reporter: with the regulation behind them, investors in for- profit col