“…on average. Your results may vary.”

What, exactly, are we getting for all the money we’re spending on college? “Helping students pay for college” sounds like a fine public policy goal. “Helping people to spend years of their lives taking on debt just to find out that they’re unlikely to get a high-paying job” … considerably less so.

Degree-blind loans are disastrous. They’d never happen if the colleges and banks had skin in the game. They survive only through well-meaning but mindless taxpayer largess.