The folks needing penalized here aren't the students (stupid and misguided though they may be), it's the universities and the lenders. What's the best way to do that? What's the best way to ensure that the lending entities get hosed, and the universities have to jettison their useless social studies departments?
Step 1 is to make student loans dischargable by bankruptcy, starting today. That's a small step in the right direction.
Step 2 is to discharge all student loans, effective yesterday, with no taxpayer payout.
