Somehow, we've gotten to the point that it is expected that everyone with a pulse is supposed to get a four year degree, regardless of ability to complete the studies necessary, or whether there is any demand for the skills taught by that degree. If you've taken on tens of thousands of dollars of debt, to spend five or six years to struggle through a degree you couldn't really hack, only to find that the skills taught by your degree are relevant to approximately 0 jobs that are available, you've either got to find something lucrative quick, and work like a mule, or settle into the shit service economy and resign yourself to spinning your wheels for the rest of your life.

The ugly fact that can't be mentioned is that college isn't for everybody. The uglier fact is that there isn't a ton of work left out there that can support a $40k lower-middle class income for those that don't have the capabilities to get through a rigorous college degree. They also tend to be hard, dangerous, dirty jobs that you can't realistically expect to keep doing once you lose your strength, youth, and health working them for 15-20 years. Also a problem, is that those who took that route sometimes didn't make it to 40, often not 50, and those that managed to hit 60 or 62 and could retire on Social Security almost invariably croaked shortly thereafter.

So, if there's a limitless fount of money to go to college, and there little realistic chance of a comfortable life without a college degree, and everything that you are programmed to believe through your primary education tells you that you need to go to college, then everybody is going to make an attempt at going to college. And then 40% wash out the first semester, another 20% after the first year, another 20% bounce around majors, take on extra debt, but eventually finish, 10% make poor choices and choose degrees with marginal prospects, and maybe 10% make it through the wringer with an acceptable GPA, and employable major, in four years or less.

Also, with unlimited money available to marginal students, the market expands to provide supply for that demand, and schools of marginal quality cater to the marginal students, offering watered-down programs. However, it doesn't seem like the watered-down quality ever equates to much of a watered-down price; there are many mediocre private colleges that are 75% of the tuition cost of a top-tier school, not to mention out-of-state tuition rates at public universities. So the general signal of having a college degree becomes starkly gradiated by where that degree comes from.

Maybe if you had to qualify for student loans similar to the way you need to qualify for a mortgage, it'd be a better system, as far as not saddling people with worthless degrees and mountains of debt. Aptitude tests a la credit reports. Having to justify the future earnings the degree would confer versus price similar to not being able to take on a mortgage to buy a property at vastly more than it is assessed.

Maybe if companies need college-educated workers in certain fields, they could sign contracts to fund that education, in exchange for binding employment for X years. Yeah, that is indentured servitude...