> a degree is a very expensive product sold to people who, by definition, don't know much about the topic
We've also insulated everyone but the student from the consequences of the decision. Lenders, universities and counselors have zero exposure to students' lifetime earnings.
Making student loans dischargeable (and modifiable) in bankruptcy and requiring colleges who maintain an endowment to guarantee first losses on their students' loans would be good first measures.
(Uncomfortably, this will mean a liberal arts degree will become much more difficult to secure a loan for. It will mean fewer schools will be willing to print unlimited English degrees. This doesn't mean we don't need English majors. But if someone cares enough about the future of English majors, they should stand ready to hire them at a competitive wage.)
We've also insulated everyone but the student from the consequences of the decision. Lenders, universities and counselors have zero exposure to students' lifetime earnings.
Making student loans dischargeable (and modifiable) in bankruptcy and requiring colleges who maintain an endowment to guarantee first losses on their students' loans would be good first measures.
(Uncomfortably, this will mean a liberal arts degree will become much more difficult to secure a loan for. It will mean fewer schools will be willing to print unlimited English degrees. This doesn't mean we don't need English majors. But if someone cares enough about the future of English majors, they should stand ready to hire them at a competitive wage.)