Get the government out of it. Let banks decide
* Do we need more “gay black womyn studies” graduates? Or are there already so many that graduates will at best be serving burgers or coffee and not able to repay the loan
* Is it a good idea to loan $50k/year for an “Anthropology” major (a “worst college major” for salary on forbes)? Or is that major only worth $25k/year? If students can only get a loan for $25k, colleges will need to adjust or students will not enter the major (and colleges will need to adjust).
If loans start being given based on probable outcome and ability to repay the loan, everyone wins. (expect people who want a useless major and politicians who want to pander to them) Banks are good at predicting ability to repay -
until the government steps in and yells RACISM, SEXISM, and CAPITALISM SUCKS. And employers will have larger pools of graduates with useful skills. And more graduates will have job opportunities. And I’d bet a lot of college administrators would love to teach and do useful research in their institutions but are restricted by PC terrorist who are supported by government interference in paying for education.
The worst part of this problem is that “globalization” has either sent many of our good-paying jobs overseas, or made it much easier to traffic foreigners here to do them - so few decent jobs are available to many graduates (even those with traditionally stable degrees). I’m watching trafficked Asian coolies fill financial-sector jobs here in the NYC area, and pity any young Americans trying to get a start in those areas. Just as with the braceros in many blue-collar jobs, the employers would rather hire the imported Asians for the white-collar jobs.