Here's why student loans are dumb.
1. They are practically guaranteed to anyone who signs regardless of their future ability to pay it back.
2. The majority of people getting them are children and have are terrible at perceiving future outcomes. Ask any 18-year-old starting college if they will make more money than average after graduating, most will say yes.
3.College drop out rates are high. This site says 56% https://www.collegeatlas.org/college-dropout.html . Taking out a loan to help you make more money and then not making more money puts you at higher risk not to pay back.
4. Relatively speaking all majors are valued at the same cost within an institution. If I get a bachelors degree in computer science I pay the same tuition and costs as someone who gets a bachelors degree in ancient history, even though our potential earnings are vastly different.
The entire student loan and college education market is a mess. I suspect this is a sign that college should be a public good or has been messed with by folks that think it should be.