A pen being wielded by a man with no desire, or knowledge, or forethought, to do so.

You are forgetting that if large enough section of the population is wronged/backed into a corner, they are going to protest/rise/riot. It certainly seems to be heading that way...I would be seriously worried if I were one of these student loan companies that are giving loans to people with no prospect of getting paid back.

Student loans are now almost entirely held by the taxpayer.