We are a commune of inquiring, skeptical, politically centrist, capitalist, anglophile, traditionalist New England Yankee humans, humanoids, and animals with many interests beyond and above politics. Each of us has had a high-school education (or GED), but all had ADD so didn't pay attention very well, especially the dogs. Each one of us does "try my best to be just like I am," and none of us enjoys working for others, including for Maggie, from whom we receive neither a nickel nor a dime. Freedom from nags, cranks, government, do-gooders, control-freaks and idiots is all that we ask for.
High drop-out rate should mean no more access to loan $. And this could be done through non-federal means. Get the government out of the student loan business, have banks and credit companies be the ones issuing the loans, and let them decide if they want to lend money to a risky person (bad grades, crime background, school with low graduation rates, etc.).
Far too many young people are conned into taking out debt to attend college when they should be picking up a technical training of some sort. They'd be much happier, and more productive, but then the grievance industry that has taken over so many of the colleges and universities would lose their income source.
ANd a lot of the loans are scams. Note that the highest delinquency rate is for loans under $5000. These are taken out by folks who never intend to attend the schools and don't show up for even a day, just use the money to live on and vanish. Maybe MissT"s suggestions would at least eliminate this group, since even the schools get nothing from them.