Not only that, too many schools are peddling worthless degrees to very unsophisticated buyers. Any other industry would be heavily regulated for such shenaniga

Not only that, too many schools are peddling worthless degrees to very unsophisticated buyers. Any other industry would be heavily regulated for such shenanigans. Instead, the government heavily subsidizes the activity and makes special laws allowing students to take on enormous debt that they won't be able to discharge if they get a worthless degree. The simple answer is to get rid of government backed student loans and have the schools back the loans and aid themselves. That way, they will be incentivized to not indebt 18 year olds when it is unlikely they'll be able to pay back the loan. It will also incentivize them to focus on more important things.