Get the government out of the loan business. Let banks, investors, and financial institutions give loans. They’ll determine which majors are worth giving a loan for and how much the cost of that degree should be. So, maybe “electrical engineering” is worth $100k in loans at 5% interest while “gender studies” is worth $20k (the max a student can borrow for it) and comes with a 15% interest rate.
Universities will adjust if they can’t fill the seats/dorms with students paying what the government decided they should be able to pay for any major they want to pursue.
You beat me! Great minds...