Less people being in debt adds value. It allows them to do things like buy houses and have kids.

Let’s not pretend that these loans aren’t exploitive and extortionate. Accounting for inflation, costs of a college education have tripled in the last 60 years. Federal loan interest can be up to 8% and private loan interest can be up to 18%. A doctor can stay ahead of that with their salary, but not all jobs necessary for society pay enough to do so; teachers for example.

College is necessary on a societal level. A modern nation cannot function without the highly educated.

As far as personal responsibility, it is a reality that someone cannot know if they will be capable of completing a degree without trying. Some inevitably prove unable to do so and are stuck with debts they have no means to pay. Normally one could declare bankruptcy but student borrowers are denied this resolution. Should we just accept that a certain number of people will be fucked for the rest of their lives for the benefit of society?