Student loans, mortgages, credit cards and the stock market are all confidence games. We, as a nation, via our elected representatives, promote the economic 'right' choice be it a bigger house, more education, keeping up with the Jone's or passive income from stocks.
As such, there is a societal obligation when we, as a people, engage in the activities we're promoting and that's because there is a net benefit all the way around.
You make it easy to borrow money for more house, it promotes building, furnishing, developments, infrastructure, flowers, you name it.
You make it easy to get money for school, you have more education, more teachers, expansion of schools and building, more people able to borrow more money to then buy a home.
You do the same thing with consumer credit to help facilitate the buying of stuff.
You make it easier to promise societal goods by leveraging the stock market to bundle bad loans, bad credit cards, to sorta mix it all together so that the good outweighs the bad.
Individuals are always free to, and will, make choices outside the masses. The winners will get out of the market sooner, not make that next purchase, made a better choice as to schooling. But that's not whom you make policy for, the winners. You make policy for the masses. As such, to bring it back full circle to the question at hand, student loans, we, as a society, have said 'you gotta have more schooling' and, because we all benefit to varying degrees, we have a shared obligation for when the thing gets out of balance.
This is my hope for Trump based on his business knowledge; when you have too much debt,m you need to dump it. We could really use massive write offs of mortgage, student loan and consumer debt. Trump knows that and I look forward to this being his string suit, as it long has been. Too much debt does nothing but drown people. Write it off. Get rid of it. Start fresh and do new business.