Lauren Bizzaro owes $40,000 for three years of college. (Caleb Kenna for The Wall Street Journal)

College dropouts are the “untouchables” of higher education, writes Richard Vedder, director of the Center for College Affordability and Productivity, in Forbes.

Looking at those 25 to 34 years of age, the median earnings in 2013 were $27,339, about 10 percent higher than those who stopped their education with a high school diploma ($24,835), writes Vedder. And most dropouts who enrolled in four-year institutions took out student loans.

One approach is to spend more money — more financial aid for low-income students, better remedial education — to “alleviate some causes of dropping out.”

The alternative, writes Vedder, is for four-year colleges and universities to stop accepting students with weak academic records and little chance of success. That would include students in the bottom half of their high school class or with low SAT or ACT scores.

Those failing to meet the admissions thresholds should be allowed to attend community colleges or non-degree schools offering certificated vocational training and, if they succeed there, be allowed to proceed to four-year schools. This approach should not only reduce the dropout rate, it should save a good deal of money, both for students and taxpayers. It should reduce student loan repayment problems a bit, and lower loan delinquency rates.

Above all, a more restrictive admissions approach would in the long run reduce the mismatch between the availability of relatively high paying jobs and the numbers of college graduates seeking those jobs. We have too many college graduates, not too few.

Colleges would lose enrollments and revenue, Vedder writes. That would force “some needed creative destruction upon higher education.”

A Bit of College Can Be Worse than None at All, according to the Wall Street Journal. For one thing, employers don’t like quitters.

Candidates with degrees or certificates have “shown perseverance and persistence to obtain that credential,” says Kevin Brinegar, president and chief executive of the Indiana Chamber of Commerce. Dropping out after a few courses makes managers wonder “‘Is that what they’re going to do when they come to work for me? They’ll work for three weeks or three days and say, ‘I’m out of here?’ ”

A majority of students at four-year institutions who didn’t complete college took out federal loans, with average borrowings of $9,300 to $10,400 depending on the type of school, according to the National Center for Education Statistics.

“More than three quarters of college freshmen who finished in the bottom 40 percent of their high school class will not graduate in eight years,” writes Bill McMorris in American Spectator.