The solution is simple and obvious: All of us who have already paid off our loans are going to fund government-arranged loan forgiveness/reduction programs to those who over-leveraged their education.
(I wish I was joking...)
(I wish I was joking...)
The majority of fault lies in the previous generation of parents, who both failed to vote out politicians supporting these policies and who pushed their kids into enslaving parts of their lives to lenders.
EDIT: nevermind, apparently both you and drcode are discussing hypotheticals only.
This way students would get a free higher education... at least those that make at least some actual studying.