Get the GOVERNMENT out of college and the rest will fall into place. Loans will still be available, but only for PRODUCTIVE pursuits, as the risk of default will be on the bank, like virtually every other loan is. For those wanting to study Shakespeare, or Women’s Attitudes, or whatever, college will still be available, but people will have to PAY THEIR WAY, or put some skin in the game (as in collateral).
Obviously, many more people will learn trades (which really need to begin in high school, or earlier), and that is what’s necessary if the US doesn’t want to turn into a S-hole nation, given where the rest of the world is heading.
Just remove the Federal government from any financial connection to colleges except the IRS and make endowment withdrawals income-taxable. The next step in rationalizing the federal government would, of course, remove all government connection to health and medicine.