We don't know literally nothing. For instance we know which college majors are favored politically, and which ones are popular. /s Or we can survey high school students. They are probably closer to the reality of the job market than the economic planners.
Anecdote: My kids were in the regional youth orchestra, and every year at the last concert of the season, the program included a bio of every graduating senior, including their future plans. The hottest major was computer science, followed by biochemistry and engineering. These kids knew exactly which majors the economic planners would have chosen for them.
But I agree. Student loans were a band-aid on a system that could have just as effectively subsidized college education directly.
Anecdote: My kids were in the regional youth orchestra, and every year at the last concert of the season, the program included a bio of every graduating senior, including their future plans. The hottest major was computer science, followed by biochemistry and engineering. These kids knew exactly which majors the economic planners would have chosen for them.
But I agree. Student loans were a band-aid on a system that could have just as effectively subsidized college education directly.