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> you pay $250,000 to become a chef/cook - that is insane.

Seems like those sorts of situations are well into the territory of "if you owe the bank $1,000,000,000 then the bank has a problem"

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Nope, guaranteed by the government and not dischargable in bankruptcy!

I think "the bank with a problem" is the government, in this case.

Exactly, in a market where the government doesn't guarantee these loans, students would have to negotiate loans with banks who would be very invested in the ability to pay back the loan after graduation. A cook (in this example) would be very unlikely to pay back a $250,000 loan, and no bank would fund that.

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