IMO, college loans should only be allowed IF the student is working at a corporation and that corporation is backing the loan. In that way, the student is following a path more equivalent to the Trades, where they are sponsored by a company they feel is a good fit and the company vets their abilities before agreeing to supporting their education. The student learns more hands-on how the Real World works, the company is able to analyze if they made a correct hire, or maybe the student would be a better fit in another area and therefore pursue a different major that fits their specific abilities.
The student is working at a lower initial pay as they are being compensated by the company paying for their education. The understanding is that after finishing their degree they will earn more money. Also, degrees would include credits for working on the job to help reduce the number of credit hours in the classroom.
We should all be capable of recognizing what is taught in college does not translate to what is done in the Real World. Hell, my friend who is a Chemical Engineer I asked how often he uses the higher math he learned to get that degree and he said maybe once a year, and it always requires pulling out the text book or computer search for the correct formula and a bit of time relearning how to do it. IMO we will soon just have AI do any of those calculations. His job is far more about making sure system processes are running correctly, something not covered even once in the college classroom.
What is the current percentage of graduates who work in a field related to their college degree? More often than not they work in a completely different field. So what is their degree worth? Why are companies requiring a BA/BS degree for jobs that have zero need of a degree? Hell, they will even take a BA/BS in a completely unrelated area of study over someone with a decade of experience all because the computerized HR filters will kick out any resume without a BA/BS degree.