This is spot on. Currently there is very little accountability for predatory student lending. For my mortgage I had to talk to multiple people on the phone, show proof of income, and have a background check. For my student loan I just had to give my parents' socials and prove I was attending college. I know nothing about the laws around this, but I suspect it was set up this way with good intentions. Unfortunately changing this will probably require a nation-wide acceptance that not all degrees are created equal.

It would be interesting to see insurance companies have more skin in the game - we would probably start getting much more accurate breakdowns of ROI by major, degree, and school.