Of course it is too late by now, by have Americans considered maybe abolishing all that and admitting students only based on the exam results, with preference given to the kids with better results (or no preference)? And replacing professional sportsball with a 1 lesson/week of general fitness? Maybe then they won't need to get so much debt to study too.
No, because that's "not fair" to some groups.
But there is also a legitimate reason to pursue fairness. When a society loses upward mobility and becomes a calcified caste social unrest becomes an existential threat. When we ignore that disparity compounds and locks people out of the social system we risk destroying the very system that we benefit from.