One of the theories behind the massive rise in student loans is "let the market decide!" But I think this shows why it's not a great theory.
Markets work really well when experienced purchasers make frequent purchases and can readily evaluate the quality and utility of the purchase. E.g., we're all pretty good at picking restaurants. But a degree is a very expensive product sold to people who, by definition, don't know much about the topic. It's no shock to me that a lot of them end up with buyer's remorse. And I'm not seeing how to fix this; schools are getting paid either way, so they're not motivated to solve the problem.
Markets work really well when experienced purchasers make frequent purchases and can readily evaluate the quality and utility of the purchase. E.g., we're all pretty good at picking restaurants. But a degree is a very expensive product sold to people who, by definition, don't know much about the topic. It's no shock to me that a lot of them end up with buyer's remorse. And I'm not seeing how to fix this; schools are getting paid either way, so they're not motivated to solve the problem.