We are a commune of inquiring, skeptical, politically centrist, capitalist, anglophile, traditionalist New England Yankee humans, humanoids, and animals with many interests beyond and above politics. Each of us has had a high-school education (or GED), but all had ADD so didn't pay attention very well, especially the dogs. Each one of us does "try my best to be just like I am," and none of us enjoys working for others, including for Maggie, from whom we receive neither a nickel nor a dime. Freedom from nags, cranks, government, do-gooders, control-freaks and idiots is all that we ask for.
Naturally, cancelling out loans via bankruptcy will make lenders more cautious about lending to any student. But who is the biggest lender? Us, the government. Who is the biggest beneficiary? College administrations. Do you hear gripes about college administrator salaries? Nope, but college presidents make about the same as greedy CEOs.
Just like other things you buy on time then can't pay for, the students should have to forfeit the credential if they discharge a student loan in bankruptcy. They can keep the knowledge, what little they acquired, even the networking contacts, but they can no longer trade on the credential as it would be suspended. No record on file to confirm other than attendance at the school. The record of graduation would be concealed. Any use of the actual diploma as proof would reinstate the debt.
I'm not sure I see why this isn't the standard now, if higher ed is all about education and not credentials? The student gets out from under the loan, they have their education and there is a cost to having the debt removed.
Since 2005, student loans cannot be discharged through bankrupcy. Of course, Uncle Sugar just might be willing to write it off, if you do some service in say, Americorps, or some such. Expect this shortly before the election, or in a second term.