With most for-profit colleges making news related to bad student loans and their high dropout rates, another for-profit school is making waves for another reason. Phoenix-based Grand Canyon Education (NASDAQ:LOPE) joined the Western Athletic Conference on July 1 and is scheduled to compete at a Division I level in sports this coming year.

This development has raised concerns from a number of Pac-12 schools that have asked the NCAA to discuss whether for-profit colleges should be able to compete at this level. The NCAA is set to review and discuss those concerns during an August meeting, and investors should be watching to see if anything new develops in the coming weeks.

Fool contributor Matt Thalman has more in the following video.