Please see my guide here: http://www.avvo.com/legal-guides/ugc/can-i-sue-1
Can you sue? yes. You can sue anybody for anything.
Do you have a cause of action? Well, fraud/misrepresentation is a cause of action, so maybe. I don't think the case would be dismissed for failure to state a claim, though.
Are you likely to win? I doubt it, though you never know. I think the issue here is that you took out the loans for education, and education is what you got. The misrepresentation isn't what induced you to further your education.
Is it going to be worthwhile to win? Probably not -- you would still have the outstanding loans, PLUS legal bills, some of which you could pay off with a judgment maybe but probably not all of it. (And it wouldn't be just for you win enough to pay off all the loans -- you got an education out of it, and the fraud played little to no impact on that).
There's all sorts of reasons to not attend for-profit colleges, and all sorts of reasons I think they should be sued into non-existence, but I am relatively confident saying that this isn't the vehicle to do it.
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