Summary goes here!
For private institution, I have not much to say. For public institution, we need to have a good debate on what the public really want before we jump into conclusions.
For me, since the public resources is limited, we need spend public's money wisely so that it benefits the society, not the student, the most. So the question becomes how do we know which student will benefit the society and by how much and how can we setup policies that will help us address the problem. The benefit should include preceived social values like promote work ethic and others.