Making students realise the consequences plagiarism - as well as educating them about it - is difficult because, like any crime, they assume that the effect of the penalty is altered by the probability of being found out. One way to bring home to students very directly the loss to them from plagiarising would be to have them post an amount with the academic institution which would be forfeited if they plagiarise, IN ADDITION to any other sanctions that might be imposed (grade reductions, being barred from class, being suspended...). Those renting flats (apartments) often have to do this as a form of insurance against structural damage to a property already; why shouldn't students do the same?
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Students wouldn't have $500 in spare cash to put up as a deposit. A better means, if it could be worked out with the credit card companies, would be for students to sign an agreement to forfeit $500 (or whatever) at the college's option.
This could be a useful means of obtaining sureties of good behavior in other situations too, like employee shoplifting. And it would help poor people, because they wouldn't need to put up cash for a damage deposit with a landlord.
In other words, there'd be a charge to their credit card only in the event of some violation. There'd have to be a way for unfairly penalized people to get their money back, though--some sort of mandatory, fast-acting arbitration service--with a loser-pays proviso to discourage frivolous behavior.