In fact there shouldn't be any federal student loans at all.
I agree with this if you look at it from the point of view that education is a right, not a privelage.
Unfortunatly that means some sort of governement involvement. To me that means there will be quota. So not everybody will get the opportunity to go. And not everybody will enlist in what they like. You want to do philosophy and arts and what not? OK, we need X amount of those. You do not qualify, next.
That would mean that you need no loan that you will unlikely be able to pay back.
You want to do Computer Science? Not with the knowledge you have now. You will not be able to get a job.
This is obviously the opposite of 'No child left behind'. It should be "Each child to the best of their abilities.' Some are better at welding, others are better at programming. Just like in sports, we are not all able to achieve the same. In sports it is because of build.
Yes, there will be exceptions. That is a fact of life. Some would have been better of with another system.
Also the current debt per student is on average 27.000USD. That is a LOT of money if the outcome of a job is not so sure. Not only will you have no job, but you will have no job AND a debt of 27.000USD that puts a disadvatage over people who just have no job.
People are waiting for this bubble to burst. It is now a 830 billion USD. debt.
And even when you get a job, you need to pay back that loan and that will put many people into a situation where they can not afford healthcare. Nice way to make people slaves.
What we need is just a law passed where people in debt are no longer allowed to vote as they are not contributing to society.