He is kidding himself; virtually all colleges are of profit, some just hide it better than others.
And don't get me started on the size of the endowments of private universities like Harvard.
When I was working and going to night school for my MBA, there was only one college within a 100 mile radius which was offering such night courses. Now it seems like everybody is offering night and weekend programs. The growth of overtly for-profit colleges is what forced their publically-funded counterparts to respond in like manner.