Pro: Companies run for profit typically operate with a view toward achieving desired results. They are motivated to succeed, for if they do not, they are likely to go out of business.
Con: If schools are run for profit, curricula will be determined by the financial considerations of their managers. Then schools will likely offer parents and students what they most want. The choices of customers at these schools might not support the long-range goals of the nation, for example, the goal of competitiveness in science, technology, engineering and mathematics. Or certain areas, like the liberal arts, could be slighted; the emphasis on preparing students to do well financially might prevent students from receiving a well-rounded education, one that affords them opportunities to develop their creative or artistic abilities and prepares them to reach their full human potential.
Con: Schools run for profit might depend on revenue from businesses who expose students to advertising. Blending commercials with educational programming, like putting ads in a news program piped into schools, could conflict with the educational mission of the schools.