The 'for profit' chart there is the whole story. If your business model is that you can give someone money and then force them to pay it back without any ability to discharge it, you have essentially re-invented indentured servitude. And it attracts scumbags more strongly than a half dead bleeding seal attracts sharks.

We have gone through a couple of very public shutdowns as some of these for profit schools lose their accreditation (and thus their ability to sucker students into student loans). It hurts people who are trying to do the right thing (get an education so that they can improve their job prospects) and it fails to punish the real problem which are people who sell these worthless degrees for over inflated prices.