There are countries with higher standards of living where financial institutions are uninvolved in the world of education.
That said, we cannot continue to fund the system we have which according to R. Arum's Academically Adrift, leaves many students with a mountain of debt and few marketable skills. As the authors of "Paying for the Party" note, these students had a great time but learned little. Both books (and Arum's follow up book tracking graduates) are sobering reads...