Statistically you're correct, but objectively you can't identify
which students won't do the work - ergo, you can't discriminate who to enroll (heavy on the consequences of involving the word "discriminate"). The government would come down
hard on any school which says "you pass all the enrollment criteria, but we have a nagging feeling you won't complete the degree so we're not letting you in."
Hence the argument that public money[1] should not be involved. The school management can't say "no" to it (from any angle), and the would-be students think it's free; nobody, lender in particular, hammers home the point "if you don't do the work, you'll be in deep financial $#!^".
It's the borrower "putting them into debt". Society pressures kids into getting a degree, the school makes it easy to start the process, government makes it easy to borrow the money, but ultimately it's up to the enrollee to sign for the loan and do the work to make it pay off. Every self-appointed pundit is pointing fingers at the school (for "fleecing" students) or the government (for "wasting" public funds), but nobody is pointing at the students for not making the effort.
[1] - "public" insofar as it was legally confiscated from the public at implied gunpoint.
Hence the argument that public money[1] should not be involved. The school management can't say "no" to it (from any angle), and the would-be students think it's free; nobody, lender in particular, hammers home the point "if you don't do the work, you'll be in deep financial $#!^".
It's the borrower "putting them into debt". Society pressures kids into getting a degree, the school makes it easy to start the process, government makes it easy to borrow the money, but ultimately it's up to the enrollee to sign for the loan and do the work to make it pay off. Every self-appointed pundit is pointing fingers at the school (for "fleecing" students) or the government (for "wasting" public funds), but nobody is pointing at the students for not making the effort.
[1] - "public" insofar as it was legally confiscated from the public at implied gunpoint.