This is really the only path forward: make student debt dischargable. Yes, it will make less people go to college, but too many people going to college is clearly one of the root causes of cyclical skyrocketing costs and increased borrowing.
To clarify what I mean: If student loan debt is dischargeable, that means that taking out a loan for college is actually less risky. We should expect more people to do it, not fewer.
There is because there is some point where the ratio between amount of money requested, and expected postgraduate earnings for the chosen degree, would make for a bad deal due to the likelihood of default.
It’s less risky for students, but loan providers won’t want to overextend themselves to accomodate institutions who promise students the moon and demand sums they won’t be able to repay to “give” it to them.
Why?