I have student debt that I irresponsibly took out (I am thankfully able to manage it with diligence and patience), and I am with you on the moral hazard. I'm also 100% with you getting the government out of the loan industry, particularly if they continue to insist on not using any kind of ROI estimate for actual dispersal of the loans. That said, you're just sticking your head in the sand if you can't see the structural risks associated with the sheet volume of student debt out there that simply cannot be walked away from.