Seems to me it's as much a crisis of useless degrees along with insane tuition to support well paid professors, most of whom seldom actually teach, and ten times as many administrators as universities really need all of whom are overpaid or basically slaves to those who are over paid as it is a a debt crisis.
JMHo
Useless degrees and a glut of them, too. We only need so many sociology majors. Like... zero, actually.