At long last, it appears as if some members of the U.S. Senate are acknowledging that student borrowers aren’t the only ones to blame for the $1.2 trillion mess we have on our hands.

Sen. Lamar Alexander (R-Tenn.), chairman of the Senate Education Committee, says that colleges and universities should be held at least partially accountable for the financial consequences of student loan defaults. The idea is that the institutions that benefited from a practically open spigot of federally funded student loans should be made to disgorge a portion of the money they permit students to over-borrow — or when they fail to prepare them for adequately paying jobs — if students subsequently end up defaulting on their debts. Others agree with that notion of holding the schools responsible for students who have, as Sen. Jack Reed (D-R.I.) puts it, “literally mortgaged their economic future” for the sake of their educational pursuits.

Never mind that the student-loan programs were enacted by this same legislative body, or that public and private lenders are equally responsible because of lending practices that rely on a borrower’s virtual inability to escape the financial obligation — even in bankruptcy — than they are his or her fundamental creditworthiness. That’s beside the point.

Way to go, senators, for finally coming around to an idea that is as old as time: Demanding refunds from merchants that have overcharged or failed to deliver as-advertised products or services.

Still, as hopeful as this legislative epiphany may sound, its transformation into results-producing lawmaking remains uncertain.

To start, the basis for this concept is the Cohort Default Rate, a calculation that measures the extent to which loan failures occur for groups of borrowers who have in common the year in which their debts first became due (typically after they left school—with or without attaining a degree, as nearly half of all students do, largely because of financial constraints).

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Mitchell D. Weiss