Can't Complete High School? Go Right to College

The New York Times has an interesting article today (registration required I believe) on students who attend college without a high school diploma or GED. Apparently more and more colleges are accepting such students into degree programs.
This brings up several concerns. One is about the meaning of a high school diploma in the first place. Kevin Schofield blogged about that question here two weeks ago.
Another important question is if these students are actually ready for college. The state of New York which helps fund the education of many college students is of course interested in getting the taxpayer's money out of their investment. Should the state pay for the education or even loan the student money if there isn't a good reason to believe that they will succeed in college?
Highly competitive admissions colleges have a vested interest in attracting and retaining good students but what about commercial colleges? In the past they have been accused of accepting anyone in hopes of getting Federal or state education support money. Some of those students do not complete their education and default on loans. Should the government insist on some minimum standard before agreeing to loan or grant student aid?
Lastly, in New York the state will grant a high school equivalency degree to students who complete 24 college credits. Is that enough or more than enough? I wonder how many companies insist on a high school diploma from an employee who has completed one semester (usually 12-17 credits) of college?

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