An extension (or maybe just riff) on this idea that could work (but will never happen) is refundable degrees. Don’t tie it to loans or financing, tie the price and value received together.
Make university (partly) refundable. If, within X years of getting a degree, you don’t think it was worth it, you can give up the credits and accreditation and get a portion of your tuition back.
Of course, none of these ideas work if you think the primary value of university is NOT the accreditation. Peer effects, non-validated status by stating non-degree attendance, peer contacts, rapport with recruiters who know the school, etc. really can’t be credibly revoked. Oh, nor can actual education (habits, knowledge, and skills).
It’s instructive to consider the case of dropouts. A fair number of students take loans, attend a few years, but then something stops them from completing a degree. They still owe the money, and still got some value from their education. What they have is irrevocable—there’s nothing official to take back.
An extension (or maybe just riff) on this idea that could work (but will never happen) is refundable degrees. Don’t tie it to loans or financing, tie the price and value received together.
Make university (partly) refundable. If, within X years of getting a degree, you don’t think it was worth it, you can give up the credits and accreditation and get a portion of your tuition back.
Of course, none of these ideas work if you think the primary value of university is NOT the accreditation. Peer effects, non-validated status by stating non-degree attendance, peer contacts, rapport with recruiters who know the school, etc. really can’t be credibly revoked. Oh, nor can actual education (habits, knowledge, and skills).
It’s instructive to consider the case of dropouts. A fair number of students take loans, attend a few years, but then something stops them from completing a degree. They still owe the money, and still got some value from their education. What they have is irrevocable—there’s nothing official to take back.