We have got to stop relying on debt for everything in this country. This is why everything is so damn expansive.
1. Cut or reduce the student loan program
2. Expand and increase the pell grant
3. Let people discharge their loans through bankruptcy.
4. Make Colleges responsible for outcomes - Colleges get paid up front before any education is delivered. What happens afterwards, they don't care, they already got paid. The incentives would be much different, if colleges didn't get a portion until after graduation and forfeited a portion of the tuition if someone fails to graduate.
5. Make colleges financially liable for offering a degree at a cost that exceeds the incomes for that profession.
I think these are all fairly reasonable ideas. However, I would go a lot further in saying that society needs to entirely rethink its position on higher education. First of all, I do not believe a 4-year degree is for everyone and probably not even something for a majority of people. I think we should start with making community colleges entirely free of charge. For some, that can offer some general education classes that could be used for the traditional 4-year degree. For others, they can either decide that higher education is not the path for them or decide to take a vocational program that can lead them to a career of their choosing.
I would argue that state schools should be made tuition free for those that want to pursue a 4-year degree (or beyond). I'd also go beyond that to argue that the federal government should assist states in admitting out-of-state students for free or at a very affordable rate (perhaps with low-interest federally-backed loans). For some, a new start in a new state can mean all the difference in the world. Overall, seats in state schools should probably be significantly expanded (likely alongside an expansion of new schools).
However, overall though, I think the idea of the "college experience" needs to die. It has proven to be a colossal, expensive failure. Taking out $100k in student loans for a BA in Communications is basically total BS. It's just a piece of paper that said you went to college for 4+ years.
