A subset of graduate programs are among the greatest sources

source of burdensome student loan debt for sure. Graduate programs like MDs, DOs, DVMs, DPharms, ODs, DPTs, and PhDs (often funded with actual work on campus) are certainly drivers of debt volume but they are not the ones racking up debt that will not be paid back.

As you say, predatory Master's are a big driver of the problems. Colleges love Master's programs because as the article notes they don’t offer much financial aid (scholarships and grants) but students are able to borrow quite heavily for the US government. These students seek a credential and often a school brand name in hopes of earning more. But for many of these programs, the incremental income expectations are unwarranted, especially in liberal arts or what I’d call vocational humanities programs. On the flip side, they tend to be very profitable for the schools because they leverage existing teaching resources and administration without the undergraduate hassle of room and board or hand-holding of young folks just entering adulthood. In addition, you have "facilitators" like 2U, Inc [Nasdaq: TWOU now trading <$1 but ~$100 in 2018] with whom the schools willingly partner to drive volume in programs - typically online - resulting in greater program profitability with even less investment by the partner school. Incidentally, 2U built its business on its prominent affiliations with USC and UNC. See the link attached below for all its partners, though they are kind of in trouble now and schools (like USC) increasingly don't want to associate with them. They are sleazy and too unsupervised by their partners. 2U involvement is a bad sign IMO for a program. To me it means the partner school does not give a shit and just is grabbing for money. 2U really specialize in these predatory Master's programs and they grew fast because they delivered money to schools who willingly outsource the parts they don't like to dirty their hands with. Again, USC was a real "leader" in this approach.

Below are the median debt levels of a selection of Master's programs. Note how there is almost an inverse relationship between the median amount of money borrowed and the likely financial prospects for said degree in the market place (not shown, but you can definitely envision it). So the most debt is going to those with the least favorable immediate job prospects. And a big reason is the guys at the bottom are probably working while they get their Master's and/or get tuition help from their place of work who actually values the extra education.

Visual and Performing Arts, General $63,830
Radio, Television, and Digital Communication $55,554
Social Sciences, General $54,554
Philosophy $54,260
Journalism $53,213
Clinical, Counseling, and Applied Psychology $51,888
Sociology $46,871
English Language and Literature, General $44,301
Political Science and Government $43,853
Arts, Entertainment, and Media Management $41,238
Information Sciences, General $40,579
Marketing $35,738
Computer Science $35,301
Education, General $29,434
Accounting $28,212
Mechanical Engineering $26,775
Civil Engineering $26,180

Note: Data from Education Initiative last updated August 2023

Click here for link at https://2u.com/partners/