I think student loans should be regulated more heavily, in the sense of making them comply with NORMAL rules for loans - collateral, expectation of payment, default rates, bankruptcy, etc. Many of the places giving loans would shut down ASAP if they had to show WHY they expected someone with C grades in high school to pass an RN program, or why they think loaning someone $100K for feminist studies was a good idea.
And if former students could get rid of their debt using standard bankruptcy, then many loan agencies would again shut down.
Once the money spigot was turned off, all universities would have to become realistic about their cost structure.
No grants and loans for College. Just scholarships.