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The student debt situation is caused by the 1-2 combo of the loans being federally guaranteed, thus incentivizing the banks to lend almost unlimited amounts, and the loans not being dischargeable during bankruptcy. If you change those two things the problem will go away.
FYI the Federal Family Education Loan Program that guaranteed commercial student loans was discontinued in 2010, and credit is now provided directly from the Department of Education. Student debt can be discharged in bankruptcy by proving "undue hardship" but apparently it is difficult to do so.