Again, I'm not advocating for this system, all the points you make are completely valid. That said, this will move the needle for almost 50% of that population

Again, I'm not advocating for this system, all the points you make are completely valid. That said, this will move the needle for almost 50% of that population. Student debt is already non-dischargeable, and delinquencies are hitting record highs every quarter. Creditors are just trying to collect any way they can. There's a lot of factors at work: the cost of education is insane, student loans are very easy to get, there is a ton of pressure to go to college, it's hard to think long term when you're 18, financial literacy is poor through high school, etc.