There is evidence that college costs have risen so much, over and above rates of inflation in recent decades, precisely because of the availability of student loans.
A piece of the problem is that students and parents think of college as the ticket to the middle class and good jobs. That may have been true at one time, but isn’t exactly true today. It all depends what you get a degree in.
A degree in history or English or women’s studies does not lead to jobs and career fields. A degree in nursing or accounting does lead to good paying career fields. Ideally loans would only be given for degree fields which lead the graduates to those good paying career fields.
Actually history and English degrees are quite versatile for at least decent students.
Yes, nursing is a better ticket to employability for marginal students.