In an effort to cope with the student loan crisis, Senate Democrats have unveiled a plan to reduce the rate of student defaults by giving colleges more “skin in the game.” Essentially, the plan penalized universities with a large number of student defaults by forcing them to pay a fine to the feds. Giving colleges more accountability is a good thing, but this plan gives the federal government far more control over the market than we’re comfortable with.

The Education Department has just released an early draft of its plan to limit federal aid to colleges, and for-profit schools are squarely in the spotlight. Under the new proposal, for-profit colleges and career training programs at community colleges whose average graduate debt exceeds certain benchmarks will become ineligible for Pell Grants and other forms of federal aid. This is a decent start, but it could go much further.