There can always be a private loan market for student loans. Government guaranteed student loans basically happen out of goodwill. The assumption is that it will be a net benefit and therefore everyone should be given the opportunity. However this didn't turn out to be true. If the government keeps funding loans that will never be paid back then it won't be able to fund the loans that can be paid back. I don't really see why limiting certain degrees is seen as pure evil. In Germany some university degrees only accept a limited amount of participants. People with higher grades will be prioritized. This restriction however doesn't apply to the STEM degrees (not an exhaustive list) because they never get enough students. Therefore even if someone is poor and suffers from low intelligence, they are not barred from a degree that leads to a prosperous career.