New Rules on Student Debt Shouldn't Be Limited to For-Profit Colleges

Under the administration's proposed rules, if a program graduated a large share of students with excessive debt compared with potential earnings in their chosen fields, it would be required to disclose this information to current and prospective students.

I love this idea, but why don't we take it further and require every college that receives federal financial aid to discuss with incoming students who are applying for loans how much they can expect to earn in the degree areas they are pursuing?

Career counselors or financial aid personnel would show students data on the average starting salary for certain fields. Then the counselor would calculate -- based on the total amount of money the student planned on borrowing -- how much projected monthly income would be needed to service the student loans.

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