The only way to effectively address the college tuition bubble is going to be for Congress to pass a law that caps the amount of student loans that someone can draw to be proportional to their expected salary over X years on a per-school, per-program basis. That would put a lot of pressure on underperforming programs and schools to produce better value for their students, either by improving outcomes, or by reducing the cost of tuition.

Yes, regrettably some programs would go the way of the dodo, but we shouldn't be saddling our kids with crippling debt so that they can do four years of college and end up in the same place they were before they went to college from a career prospective. If people want to spend their own money to study underwater basketweaving, then so be it.

Also, federal loans should be extended to vocational training programs under the same stipulations.

Edit: the DOE should also have the ability to give programs/schools the death penalty (no loans) if they are found to be manipulating data used for these calculations.