The fact of the matter is that in the majority of cases, a college degree increases earning potential dramatically enough that loans are definitely worth it.
Now, one could argue that if people collectively stopped attending university at current rates then the system would adjust such that people collectively benefit. But people don't act collectively. People make decisions based on personal outcomes, and if spending 40 grand on college increases their lifetime earning potential by 100 grand (not even factoring in the differences in opportunities), then people will take the loans.
Now, one could argue that if people collectively stopped attending university at current rates then the system would adjust such that people collectively benefit. But people don't act collectively. People make decisions based on personal outcomes, and if spending 40 grand on college increases their lifetime earning potential by 100 grand (not even factoring in the differences in opportunities), then people will take the loans.