[dhruval]

To achieve an educated population the core problem of wildly inflated cost of college education needs to be dealt with.

Otherwise you have to repeatedly forgive the debt. The message you are sending is to consume without regard for prices or temperance as that will be rewarded in the end.

This acts as a negative externality as it erodes trust in the rule of law (many countries do operate like this, and they are terrible places to live)