Make loans dischargeable in bankruptcy after some fixed amount of time. Say 10 years. Offer subsidies to loans that are older than this. Emminent domain all existing student loans. Ignore the resulting inflation.
Pre these laws, they were passed for “equality”, lenders would laugh you out of the office if you tried to take a 10k lone out on a degree with a low likelihood of being paired back.
As a result we now have a bunch of crazy degrees people can get that have zero viability to make money, and even worse doctoral programs that just hand out Dr. Like it was candy.
If the banks had any say in if I would have gotten loans that year, it would have been no. And I wouldn't have gone on to a lucrative career in tech.
I'm not convinced that letting loan underwriters pick the future labor force allocation is the solution.
The trick is to not require loans for school. Works great in Europe, why not the richest country in the world?