Update the system: Cap federal student loan interest rates at the bare minimum to pay for administering the program. .gov should not be making money on this program. If a student hasn't paid off a federal student loan in 10 years from graduation day, (or day the loan goes into repayment status), the loan becomes eligible for discharge through bankruptcy.
Any loan that is so discharged, will be paid back to the taxpayers in full from the schools endowment, or if they run out from the school's budget. School must agree to these terms for their students to be eligible for student loans.
This would so a couple things. It would incentivize making sure the money a degree makes and what it costs are similar. Students would be better off paying off their loans, but if they really get in over their heads on a feminist basket weaving degree, they can eventually get out from under those loans. And schools would be incentivized to make sure their students make enough money to pay off their education in a reasonable time.
.Gov's goal of making loans easy to get for poorer Americans is also met, without taxpayers holding the bag.
If a school wants to charge $500,000 for an unmarketable degree, they still can. They just can't use federal loan dollars to finance it. I'm sure some prestigious, private schools will do that.