If I had the time, I'd try to synthesize these three items:

• The adaption of Cloward-Piven Strategy to a middle-class target instead of using the poor to bankrupt the system; this is unlikely intentional, but I bet those on the Left who have seen the results of our "educational" program are enjoying it
• Tocqueville and other's observations that democracies will vote themselves poor
• Growth complex in both academia and the school loan industry

These loans will be "written off" if the student never gets a job, and there is a payment adjustment based on income, so some debtors will never pay back the full amount anyway.

The schools and the banks get their money, and the taxpayer gets stuck holding the bag.

What makes it worse is the amount of these degrees that are functionally useless...