[7Figures2Commas]

I think you're misreading my point, as I don't disagree at all. This problem is a government-created one, and it's bound to end badly, but it's important to be clear about who is doing the lending (it's not random "people") and what the "victims" of this system will complain about next.

We're in a lose-lose situation here. If student loans are plentiful, tuition costs rise and the debt must be secured by laws preventing discharge in bankruptcy, which leads to complaints about the cost of an education and debt levels. If student loans become less plentiful, the complaints will shift to focus on lack of access to education. Even if costs decrease substantially from today's levels, there is sadly a sizable market of would-be students who simply don't have the funds to go to college. Telling them they can't go to college and major in [insert wacky subject here] is political suicide for politicians.