That would involve parents and students choosing not to play the game. It would involve a harsh law such as no one can EVER get another loan until their student debt is paid off. It would never happen, but that's what it would take for people to get real about the damage debt does to their future choices.
There are a few generations of people now who think that college loans are an expected and necessary expense to get ahead. Then they finance an SUV, a McMansion, and put expensive vacations on their credit cards. We've become a nation of debt slaves, and all the crazy solutions that are coming up do NOTHING to reward those who've avoided the quagmire.
There can't be freedom without a mobile, independent middle class. Debt takes that away from our potential. One has to wonder if the US can EVER get back what we had in the 1950s and early to mid 1960s.
To end the student loan industry as we know it the Federal Reserve would simply stop providing money for the banks to lend out. Existing loan balances would still have to be paid off but there’d be no more new loans.