The real problem with the student loan program is that they tend to fun anti-American indoctrination in a worse-than-useless form of so-called liberal arts.
The federal government should only subsidize loans for students pursuing STEM education, and nothing else.
Back after Sputnik, the Federal Government created the National Defense Student Loan program for students studying engineering, and the hard sciences (math, physics, chemistry, and biology). I had one in engineering and worked in engineering field for 49 years, and 11 months before retiring. I also was in the Army and army Reserve for 28 years all doing engineering work.
If I had stopped studying engineering and changed to business, I would not have been able to get additional funds. I only borrowed for two years and then summer employment in engineering and part time work at college working in research as a student helped fund the last two years.
STEM degrees tend to do better. My wife taught a Chinese exchange student for a couple of years in high school (he took several science and math classes she taught.) He went on to finish a 4 year Computer Science degree in 2 years. He came back to visit and thank my wife for his rigorous training in high school. He said his American counterparts in college did not have the work ethic, so the courses were easier than expected.