I'm not going to disagree that there are people that abused the loan system for dumb, frivolous choices. But not all people. Some of us just grew up in tiny towns and were given no guidance at all as dumb 17 year olds. We were told how much money we'd make and never taught to worry about those financials. Now, my wife and I are in no danger with our loans, but they do trample on our lifestyle choices. You know what I'd do in a heartbeat? I'd take the credit hit to declare bankruptcy on them, remove my ignorant choices as a know nothing kid, and build back my credit. Same way we allow all sorts of people to undo dumb or failed choices. As a responsible adult, I'll have my credit score back up to near perfect in no time and I won't have a yoke around my neck from being stupid, a kid, and forced to make huge,long term financial decisions. The simple truth is that 17/18 year olds should not be making 100k decisions. Very few of them have the training and understanding of the system for that. While many kids double-screwed themselves, the system itself has screwed pretty much all of us that went to college. The system should correct the mistake with massive loan forgiveness, do away with the loan system for but a few, and come down HARD on the universities that have grown fat off of dumb kids.