Wouldn't it make financial sense for the great majority of people to take as many loans as possible and then immediately declare bankruptcy the day after graduating? Most people don't have any meaningful assets at the end of university, so bankruptcy would be about as painless as it's possible for a bankruptcy can be.
It depends who you want to take a bath, the universities by abolishing student loans or the taxpayer (government) by allowing bankruptcy.
I don't think we could do that without also removing the Federal government from the student loan process.
Which is why I said stop government-backed student loans. And any effort by a Democratic administration to forgive student loans would be absurd without stopping new ones.