This seems to ignore the fact that people are irrational (I cite the difference between classical Economics and Behavioral Economics). Especially when they are emotional, which is exactly the case when they are under an immense debt load, in default, with little to show for progress.

> An educated person You seem to presume that just because someone has student loans, they are educated. If you look at the DoE and Congress going after the predatory loan practices of for-profit colleges in both misleading recruiting and sub-par {education, graduation, job prospects}, there is a sizable population of people with large student loans and nothing to show for them.