It's a problem of epidemic proportions. I've personally met people with middling credentials, poor job prospects and student loans exceeding $200,000. Non-dischargeable. They will be debt serfs for life barring a change in the law. Our system is beyond broken - and the ripple effects of this have profound implications for parts of the economy and society well beyond those indebted.
"The American system of higher education is increasingly becoming a fiscal disaster for ever-larger numbers of students who move through it. That disaster is being caused by a combination of terrible incentives, institutional greed — and the pervasive myth that more education is the cure for economic inequality."