In the US student loans are for the major part unsecured and guaranteed by the government. The idea behind is that a better educated population is more product

In the US student loans are for the major part unsecured and guaranteed by the government. The idea behind is that a better educated population is more productive and pays, on aggregate, higher taxes. Part of this tax surplus can be used to pay for the debt defaults. The reality is that the loans in too many cases are too high and will be paid back only in minimal part.