While it is true that they are (or almost are) adults and should be able to make their own decisions, I think you'd be hard pressed to say that there is nothing

While it is true that they are (or almost are) adults and should be able to make their own decisions, I think you'd be hard pressed to say that there is nothing wrong with a bank giving a $200,000 dollar loan to someone with absolutely no income. Because you can't get out of student debt, the banks are more than happy to make loans to people who shouldn't really be taking them. Eventually, the bank will get its money back. For the education bubble to be popped, there's going to have to be a change in legislation allowing people to be protected from student loans if they go into bankruptcy. Once that's the case, banks will start being more careful with the loans they make, there will be less cheap money available, and people will have to start making more rational decisions about which college they attend.