IF:
...they were private loans,
AND:
...they were not not government guaranteed,
AND:
...they were not protected from standard bankruptcy law;
THEN:
...the problem would correct itself.
Some good might - might - have come of this if one consequence was improved teaching, but the opposite happened. The money was spent on ever more useless middle managers, Deans of Diversity, Profesors of Gay Studies, and content-free courses for the retards who were being dragged in by the false promise of a higher income.