Because a large proportion of these debtors will never have the resources to "pay it back." Default rates are skyrocketing.
The Universities are responsible for this. They should take the hit out of their endowments for students that fail to repay.
I don’t think you can default on a student loan if it is Federally insured. Screw everybody else but the government is going to get their money.
I once read that the profession that had the highest number of defaulters were those in the medical field. After all that schooling, the doctors either wouldn’t or couldn’t pay back their loans. Back in the day people would change their names and get new SSNs to avoid paying. But, then the rules changed. And, now you can’t run and hide. If you’re behind, you’re not getting a government job, a security clearance or anything like that.