As EEGator noted, there is plenty of guilt to go around.
Lets say a freshman student decides to major in 14th century English literature. Thats a bad decision, to be sure. But we will somewhat forgive the student because he is young and naive.
So this student goes to his colleges English department to sign up for his classes. What will his adviser tell him? He adviser will praise his decision, and tell him all the great things he can do with a 14th century English literature degree.
This story is NOT a hypothetical. Ive seen it play out quite a few times. Yes, the student deserves blame for not doing his due diligence. But the college deserves blame as well.
My solution: Make colleges co-sign for loans. You want to sign some kid up for 14th century English literature? Find. But you will then be on the hook for his debt.
This is not the way it was a few decades ago. I know many English, History, Philosophy, Economics, Classics majors etc whose careers range from doctors,lawyers,business executives and so on.. My sister in law was a classics major at S Cal and is now into her 25th year at Harvard Law School and works closely with 8-10 law professors to arrange class material, schedules etc.
Generally speaking , a graduate with a degree in one of the Arts was more intelligent, more literate and more versatle that someone with a watered-down business degree.
I majored in English literature with a concentration in 15th and 16th centuries, and I've had a more or less successful career as a doctor.
Please defend your assertion that the major you cite is "a bad decision to be sure".