For-profit education stocks are soaring today as news spread that a watered-down version of the "gainful employment" rule passed into legislation, Reuters.com reports.

The stage is now set for renewed earnings growth and potential industry consolidation.

For-profit colleges will not have to comply with the more stringent government restrictions until 2015.

The $6.6 million spent on lobbying efforts have indeed paid off. Many of the for-profits that were at risk of losing access to federal aid based on the initial proposal should now qualify. This will allow them to pursue growth without restriction.

Schools can now also return to aggressively recruiting students. Many schools will raise tuition rates.

Analysts expect aggressive growth for the for-profits as they recover from preemptive measures taken to conform to anticipated government oversight.

But fears of government oversight are now a thing of the past as the free market speeds on, sweeping up thousands of students without impediment. No longer will for-profit schools have to concern themselves with whether or not their students can pay back student loan debt.

Yet despite the victory for-profit colleges remain watchful, and their lobbying efforts continue unabated. 2015 may seem like a long way away, but for some career colleges, that year looms too closely on the horizon for comfort.