1 MIN. DE LECTURA
SAO PAULO, July 15 (Reuters) - ** Shares in Brazilian for-profit education firm GAEC Educação SA fell on Friday after the government enacted changes in terms of student loan program FIES that analysts expect to hamper results
** In a client note, JPMorgan Securities analysts led by Marcelo Santos estimated the short-term impact on results of listed college operators "will be in the low- to mid-single digits"
** Santos and his team expect GAEC, commonly known as Anima Educação, to suffer the strongest impact next year, with a 5 pct downside to earnings
** Shares fell for the first day on three on Friday, shedding 0.6 pct to 14.81 reais