Education Secretary Betsy DeVos is taking steps to redress the Obama administration travesty of a student loan program, but these can only be interim steps and by themselves are entirely insufficient.

Unfortunately, the student loan programs are entirely dysfunctional and want complete revamping. My high-level suggestions:

1. student loan discharge only via bankruptcy, no special treatment of these loans
2. let schools and students write their own loan agreements, including interest rates and payback provisions, without Government interference
3. hold those schools and students to those agreements
4. if Government guarantees any student loans, do so IAW the following:

• interest rates charged must be commensurate with the employability and median first-five-year pay of the major being pursued; higher rates for lower employability and median pay. Higher risk loans should pay higher rates
• in the event of bankruptcy discharge of a loan, the school floating the loan must completely reimburse the government, NLT the following fiscal quarter, for the taxpayer loss from the bankruptcy discharge.