You will just prolong the problem by doing that.
We are seeing the opinion shift to college not being worth it. Let the bubble burst.
Makes prices come down by making the ones who took the loans eat it, otherwise the tax payer will eat it again.
The problem is threefold:
(1) prospects for students without a college education are dismal, so going to college gets you a higher expected value even if it doesn’t work out for many - compounded by the fact that basic human psychology is optimistic. Almost everyone displays a woebegon effect - each individual will assume they will beat the statistical averages. That makes rational decisionmaking impossible.
(2) Kids are told “go to college and learn computers” and are turned away from trades and do not judiciously select majors.
(3) Punishing people who went to university during “peak education” doesn’t make much sense - the next round of decisiomakers are 17 and 18 year olds who often don’t know the people in their mid-late 20s who are now regretting their educational decisions.
You have to educate people on the front end, but more importantly, you have to change the institutional behavior of schools. You do that by putting them on the hook for student loan defaults.
It doesn’t do anybody any good to make student loans nondischargeable in bankruptcy. I think it would be relatively easy to get a compromise in congress that would condition federal student loan money on making the university a partial guarantor of student loan repayment in exchange for not turning off the spigot and also make student loan debt dischargeable.