[haihaibye]

The argument for student debt not being dischargable is to stop lots of people declaring bankruptcy upon graduation.

You can repossess a house or a car, but you can't repossess a degree.

If there was an option of cancelling a degree (either because of bankruptcy or user disatisfaction) this could perhaps work for vocational degrees or where the degree is 100% signalling.

If some kind of learning took place - how do you give that up?

[philwelch]

This would have the effect of drying up the credit market for completely unsecured 5-6 figure loans to teenagers. This is the intended effect.