Some people say the government’s not doing enough to reign in abusive and exploitative educational institutions.
The problem is that education in our country is decentralized while most federal aid goes straight to the pocket of the student; making it difficult to control how the money is being spent.
So how can the government actually step in and help deal with the burgeoning student debt problem?
Throwing more money in the form of grants and loans doesn’t work. Colleges will just jack up prices while students start to depend too heavily on federal aid.
The Constitution isn’t much help, as there are no distinct provisions in it to deal with the problem of education – much less student debt. Too much regulation is always a bad thing for growth and development, so drawing a tight noose around colleges is out of the question.
One possible idea is merit-based rewards.
Colleges can receive more funding based on the performance of its staff and students, not simply on the number of students it can sign up for enrollment.
Another idea is to distribute financial incentives to students who limit electives and gun straight for completing their degrees.
It still needs ironing out, but it’s a good idea for Washington to start out with.