This was caused by government unintended consequences....

Some doctors graduated from med school with $100ks in loans. So they immediately filed for bankruptcy and cleared the debt. After a few years of work they were back in the bucks and debt-free.

The loan industry had congress write some new laws (was it 2008 ish?). The package clamped down on debt-collectors calling at all hours. It also eliminated clearing college loans with BK.

The loan industry celebrated - nothing like sure bet! Indentured servitude - Yahoo! They started giving away loans like candy.

Then the schools noticed all the free-flowing money and joined the party.