The banks probably realize that higher education has become a sham.
An ever smaller group of graduates actually become gainfully employed, and the rest waste their time in non-STEM majors. Factor in there sex week, perpetual party time, an increasing number of false allegations of rape/sexual assult, and it adds up to a poor allocation of capital.
Let the parents pay the freight.
No one should get a loan for a worthless degree in socialist studies. That is cruel.