"Should the law be changed?"Of course! Changed to require colleges to cosign student loans! If colleges were the ones on the hook if the student defaults, we wouldn't see nearly the number of defaults we see now. The main driver of the incredible college cost inflation over the past 35 years has been the easy availability of gov't money.
If student loans were discharged in bankruptcy, then loan issuers would necessarily be reluctant to loan to "affirmative action" students who would not financially benefit from college and/or flunk out before graduation.
If colleges were responsible for defaults, then colleges would also be reluctant to accept students who would not financially benefit from college, and would be less likely to offer worthless majors and courses.
This means that colleges and "civil rights" leaders would fight against this savagely.