Till you get a glut on the market.Here's how I'd solve the college debt situation:
1.) Establish a government bank/loan system
2.) Offer zero interest loans for degrees that are currently needed in the work force
3.) Make repayment of those loans function as an opt-in additional tax, that is only applied when making money off that degree
4.) Some sort of legal stipulation that would prevent someone from leaving the country before they pay back their loan
It helps everyone and improves the GDP of the country. It presents zero risk to the individual and drives people into needed fields. So you'd have far more qualified people entering the work force, taking up degrees that the market is demanding.
When I was in high school, computer programming was the "thing" to do.
4 years later, no money in it because TOO MANY people went in for it.
Pretty sure, this will make it worse