When tuition was $1000 (which it used to be in 1970) no one was talking about how getting an English degree could be a catastrophic financial decision. At worst it was a waste of time.
Instead of funding universities and managing them like we should be, we handed them over to MBAs who seem to charge more and more every year for the same degree.
Obviously federally-guaranteed loans are an idiotic solution to a self-inflicted problem.