Well, maybe they should make it so that degree can be legally reposessed by the bank - even if they can't resell it, that would still be a deterrent. Stating that you have a degree while you don't should be then treated like criminal fraud, and any future employer, seeing lack of degree would know to inquire about the details.
Now that I look at my plan, it looks rather evil. But I will publish it anyway, for the sake of discussion.
"Maybe they should make it so that degree can be legally reposessed by the bank ... and any future employer, seeing lack of degree would know to inquire about the details."
This wouldn't work. They can't repossess the knowledge in your head, or the fact that you did EARN a degree, even if you don't HAVE one. Employers are mainly interested in what people know and can do, not how their finances have been in the past (though that may come into play for questions of trust).
most employers don't go checking with your university, as it stands. i don't see why they'd be more interested in doing so under these circumstances. the piece of paper itself is rarely what matters; only what you learned getting it. and an employer that doesn't recognize that probably isn't worth working for.
Now that I look at my plan, it looks rather evil. But I will publish it anyway, for the sake of discussion.