The solution is simpler: Remove the bankruptcy exclusion for student loans and eliminate government loans.

Loan companies will evaluated degrees, students, and colleges based on merit, value, risks, and job prospects the degree offers, and loan accordingly. meritocracy restored.

Too many people go to college anyway, and for many it is just extending adolescence for 6 years to hang a big debt albatross around their neck for a degree of questionable merit. Most would be better off starting fulltime employment.