I increasingly feel like the best (though imperfect) solution that has a realistic chance of happening is just to make student loans dischargeable in bankruptcy. This would provide people with huge loans and no job prospects a way out while avoiding giving free money to well paid professionals who don’t really need it. It would also incentivize schools to invest tuition dollars in ways to actually help graduates find employment rather than flashy facilities to bring in freshmen.

Poor students would have a harder time finding loans to go to expensive schools but it seems increasingly like elite colleges aren’t much better than public colleges anyway.