Maybe schools should be more like an investment system. A college goes out and finds students with potential. The college provides an education with no upfront cost — undergrad, grad, certificate: whatever the college feels is a good investment, based on that student’s ability. After graduation, the student finds gainful employment and has to pay back the school for the investment.
If the school chooses the wrong student, or provides a pointless education, then students will be unable to pay back the school. Therefore, schools will make smart choices about the value of the education they provide.
Schools are made up of people including a heavy dose of overpaid self-dealing administrators. Those incentives might influcence business owner if there is one. They don't affect an officer who can load up on all the lard he can get and then cut and run from the ruination he caused.