So long as the government guarantees students that they can get the loan, and guarantees lenders that it will be paid back (mostly by making the debt lifelong a

So long as the government guarantees students that they can get the loan, and guarantees lenders that it will be paid back (mostly by making the debt lifelong and not dischargeable through bankruptcy) the cost of education will simply be set at whatever the maximum available loan is. This will cause the value of the education to be transferred away from the student and to the administrators of the institutions. The student will be allowed to keep a small percentage of this value for his/her trouble, a sharecropper of their own education.