This would be a good time for to you pat yourself on the back for going to Temple, which is a nonprofit university (although it’s fair to say that, generally, higher education is a business).

New data released Monday by the Department of Education shows the highest percentage of students  defaulting on loans in more than a decade, reports the Huffington Post.

There are two large problems to blame. One is that students, who  are often young adults, aren’t aware of the potential financial ramifications of the true cost of college–and most don’t consider what could happen if one drops out of school. The lack of education leads to the second problem: For-profit schools make up the majority of those students who default on their loans.

While some blame for-profit schools, there is little incentive for for-profit schools to invest more in its students. For-profits schools are, after all, for profit. They’re in it to make money, like a business, and is a business model that has apparently been working. If a student obtains a degree or drops out, it’s still on the student to pay up. If a s student obtains a liberal arts degree and ends up working as a barrister making close to minimum wage, same deal. The school is still expected to get paid.

So schools have little incentive to actually care what happens to its students. As long as these for-profit schools enroll a large number of freshmen (expecting that a significant portion may drop out), they’re going to still make bank. A student’s future doesn’t have much stake in the school.

But some Australian schools are investing in their students a little differently. In some Aussie schools, higher education is free until they graduate, when students must fork over a percentage of their salaries after graduating. They call it a graduation surtax.

This gives universities a real incentive to give a damn about its students. And if this were the case for public universities, it would give a larger reason to promote and invest in college degrees, as well.