The college admissions scandal is the biggest story in the country right now. It's not all that shocking though. Rich people using their money to give their kids advantages is nothing new.

But, what should the punishment for this be? Well, here's what I think.

Whatever the person spent to get their kids into school, they should have to open a scholarship for the same amount of money.

Lori Loughlin spent $500,000 to get her kid into USC. So she should have to open a scholarship worth $500,000. And the scholarship should be designated for a lower income student. You can set the amount of household income depending on the city where the student lives, because a blanket amount across the country is silly. Just like a national minimum wage is. But that's a different story.

The scholarship should also be an annual thing. Not a one time thing. An annual thing. If you want to make rich people think twice about using their money in illegal ways, you hit them in their wallet. Big time.