Borrowing money is risky, and includes risks beyond a straight up cost/benefit analysis. It also makes the borrow more vulnerable (not just to the lender, but to others as well). It should never be entered into lightly.
I sympathize with these folks who have gotten themselves into this situation, but they did make the choice of their own free will. If they didn't do a proper analysis ahead of time, it doesn't seem fair to shift the cost of their decision onto others who did, or who are responsibly shouldering the burden that they took on.
There is a definite moral hazard in the current system (it encourages indebtedness and inflates the cost of education), but that doesn't make it right to create another moral hazard in trying to correct it.
I sympathize with these folks who have gotten themselves into this situation, but they did make the choice of their own free will. If they didn't do a proper analysis ahead of time, it doesn't seem fair to shift the cost of their decision onto others who did, or who are responsibly shouldering the burden that they took on.
There is a definite moral hazard in the current system (it encourages indebtedness and inflates the cost of education), but that doesn't make it right to create another moral hazard in trying to correct it.