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It is not necessary to have loans to get a college degree. That is purely a choice that some people make. And, if they make that choice, they agreed to the terms of the loan, and presumably have greater earning power (not indentured servitude) for having elected to go that route.

You’re right. It’s not impossible. It is very difficult though, especially if the kids family makes too much money, or belongs to the wrong demographic. Tuition costs are insane, even in tax-payer subsidized land-grant schools.

The student is left to choose: take 10 years working part time and low-wage jobs while attending night school, or get the loan and pay it all upfront. Most pick the latter, assuming their degree will win them a better salary.

But suppose the student lands in the middle of an economic collapse,say one that causes our currency to cave in value. Can that student declare bankruptcy if the creditor is the federal government?

"It is not necessary to have loans to get a college degree. That is purely a choice that some people make."

That might have been true back in the 1990s. It's not anymore.

There aren't too many public 4-yr schools left where the tuition and fees are less than $15,000/yr. Anyone trying to work their way through school making $10/hr won't ever start much less graduate. And good luck trying to live a "robust social life" on financial aid. Even with maxed-out pell grants and federal loans, there's not enough there for tuition/books/room/board. So even kids qualifying for full federal aid are working and having to take on additional private debt just to afford the basics.

True, kids can go on the GI Bill. But they have to weigh not being able to start their profession until their late twenties to early thirties against taking on debt. Unless, of course, you're black, native american, hispanic, or foreign, in which case you get a full ride in most states as long as you can pull a 2.5 GPA.