For this reason, I think instead of trying to force a new system, work within the reality that the federal government has a near-monopoly on student loans. Tie the amount of students that can get student loans at a particular college directly to the amount of money is being paid by students who have graduated. Also, cap the amount of money each student needs to pay back per year to their salary.
The colleges will have no choice but to ensure their students have nice enough jobs to pay back the loans, and will quickly see attendance plummet if they can't get people in the door anymore. Remember that it's the government paying these colleges directly, not the students.
The colleges will have no choice but to ensure their students have nice enough jobs to pay back the loans, and will quickly see attendance plummet if they can't get people in the door anymore. Remember that it's the government paying these colleges directly, not the students.