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The ability to discharge ones debts in bankruptcy is what got us away from the debtors prisons and permanent ruin not so long ago.

Allowing, after a reasonable period of time, a person to seek bankruptcy protection, which is itself a discharge of debt, is not wrong it is in fact a good idea.

The fiscal problem is “how much can we afford”. That question is a good one. The question is why are we guarenteeing personal debt to lenders as a nation in the first place. And furthermore why are we doing so on degree’s that will have no ability to earn enough $$ to pay them back in the first place.

Nothing will halt the rise in education costs as fast as putting the brakes on lending. The schools will raise prices as high as the kids can borrow, and the rub is you do need a good education to succeed. So the kids are like lambs to the slaughter.

Stop insuring debt as a nation.
Stop preventing the same bankruptcy protections as the rest of debt is afforded.