Have the college get the bill if the student defaults due to being unable to find a job. Overnight, colleges will stop accepting students who don’t belong in college, and will stop offering majors that will not lead to a job (except if you’re rich and paying cash).
I like your idea. Even better would be to get the government out of the loan business completely and let the private sector base their loan rates on marketability.
You want to major in nursing or mechanical engineering? Fine. Your rate is 5%.
Business? Maybe 7%.
Women's studies? Maybe 45%.
Pretty good idea....
“Have the college get the bill if the student defaults due to being unable to find a job. Overnight, colleges will stop accepting students who don’t belong in college, and will stop offering majors that will not lead to a job (except if you’re rich and paying cash).”
I’ve never entertained an idea like this before. In theory it could really be effective it seems to me. Imagine the implications!
Professors and administrators around the country would howl like a wounded dog.