A letter writer in last Thursday’s Wall Street Journal Letters section had a thought.

There are some degrees that are worth borrowing money for, but many aren’t. Parents and students, do your homework.

Indeed. Lenders need to do their due diligence homework much more diligently, too. Two ways to incentivize (to coin a term) the lenders: get Government out of the business of making student loans and out of the business of guaranteeing others’ loans to students.

The other way is to require the school being borrowed for to attend to be the primary lender—ideally, the sole lender.