No.........................
I disagree.
If they cannot earn what Universities hornswaggled them into believing their degrees would bring, shift the loan balances from whomever holds them (using the university trust funds) to the university and make the loans dischargeable through bankruptcy.
Don’t be gullible enough to let anyone maniplate your thinking into believing that either the student has to pay or the taxpayer has to pay.
There is a much more appropriate option.