Nevertheless students kept coming to campus to major in fields in which there was little or no hiring, because those fields reflected their interests. Here is an article, from RealClearMarkets, which suggests doing something about this disjuncture.
The suggestion is to provide subsidized student loans only in fields in which it is likely students will be able to find employment and repay the loans. Students who wish to major in other fields would need to fund their own studies via parental support, scholarships and/or part-time work.
One supposes this would result in fewer philosophy majors, archeology majors, art and music majors, sociology majors, and that favorite of college athletes - communication majors. And, ceteris paribus, fewer university graduates.
Universities, controlled to some degree by their faculties, might attempt to engage in cost shifting of the sort hospitals have done. It could take the form of charging much higher tuition and fees to students in the programs for which subsidized loans are available. Some intervention to prevent this would be required.
Community colleges, which focus on preparation for many occupational fields, might find more student loan funds available to their students.
