“We’ve completely removed free market controls from higher education and then wonder why it’s not working well. If I was loaning money to a student, I’d be very interested in their chances for success, as it would directly relate to their ability to pay back my investment.”
If this was privatized, the problem would correct itself immediately. Actually, in many countries, the problem doesn’t even begin to exist. If you don’t pass the tests, you don’t go to a public college or university. Period.
I can already smell a bailout.
I don’t see why the federal government needs to be involved in higher education at all, and as far as entrance tests go, I don’t really care if a moron goes to college so long as he or she is paying for it themselves. Other than that, I agree with your post. Unfortunately, I don’t see the current system changing, because too many people have a vested interest in maintaining it. Can you imagine a system where the vast majority of students had to work their way through college or go to private lenders who demanded a return on their investments? As you wrote, that would fix the system almost overnight.