I'll play devil's advocate

If you got a degree in baloney, it's a harder sell to suggest forgiveness than something more marketable.

I don't particularly like this because we now basically suggest a degree in Philosophy isn't worth as much as a degree in Accounting, despite the former possibly being a lead-in to a law degree (and ultimately both may lead to many of the same careers).

I realize this comes with more "buts" than a Sir Mix-a-Lot video, but I think we at least need to determine how much responsibility lies with the borrower, how much lies with the lending institution, and how much lies with the college.

The closest analogue seems to be the subprime mortgage era. Is it the fault of the borrower for taking a risky mortgage they probably can't swing, or the institution for giving them the money?